Transactions, Benami

Language - English

Telugu Word - వేఱు పెయరిల్ నటత్తుమ్ నటవటిక్కైకళ్

Transactions conducted in the name of one person for the benefit of another, often to conceal the true ownership or evade taxes. Example: The government has taken strict measures to curb benami transactions in the real estate sector to prevent tax evasion and money laundering. Benami transactions are illegal transactions where property is held in the name of one person (benamidar) while the actual ownership and benefits belong to another person (beneficial owner). These transactions are often used to conceal the true ownership of assets, evade taxes, or launder money. The Benami Transactions (Prohibition) Amendment Act, 2016, prohibits benami transactions and provides for strict penalties for those involved in such activities.