Ministry of Finance Identification of Benami Properties 24 JUL 2018 Prohibition of Benami Property Transactions Act 1988 as amended by the Benami Transaction (Prohibition) Amendment Act, 2016 seeks to prohibit the Benami Transactions irrespective of the method by which the Benami Property is acquired. Such Benami Transactions include transactions in respect of movable as well as immovable properties. As on 30/06/2018, provisional attachments have been made in more than 1600 Benami Transactions involving Benami Properties valued at over Rs. 4,300 crores. The Government of India has taken various steps to identify Benami Properties.  The Income-tax Department (ITD) has set-up 24 dedicated Benami Prohibition Units (BPUs) across India. These BPUs are involved in gathering information and matching the same with the data available for identifying the Benami Properties and taking effective action as per the provisions of Prohibition of Benami Property Transactions Act 1988 as ame...

Ministry of Finance New Benami Transactions Informants Reward Scheme, 2018 launched by the Income Tax Department To get people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion Posted On: 01 JUN 2018 It was found in many cases that black money was invested in properties in the names of others, even though benefits were enjoyed by the investor concealing his beneficial ownership in his tax returns. The Government had earlier amended Benami Property Transactions Act, 1988, by Benami Transactions (Prohibition) Amendment Act, 2016 to make the law stronger. With the objective of obtaining people’s participation in the Income Tax Department’s efforts to unearth black money and to reduce tax evasion, a new reward scheme titled “Benami Transactions Informants Reward Scheme, 2018”, has been issued by the Income Tax Department. This reward scheme is aimed at encouraging people to give information about benami transactions and properties as w...