All unlawful benami transactions are forbidden by the Benami Transaction Act, which also carries severe fines and a maximum sentence of seven years in jail for violators. According to the statute, a benami transaction is one in which a person transfers or holds property but another person pays for it. This allows the person the right to reclaim any property that was held in bad faith. Benami property confiscation, fines of up to 25% of fair market value, and up to seven years in prison are only a few of the punishments that fall under this category.
Transactions fall under Benami Transactions
A person may also be involved when property is held or conducted under a false identity and transaction.
if the owner of the property is unaware of who owns it.
where it is impossible to track down the reports and records.
How does Skyquest help to manage unfairness in transactions?
Aids in safe transactions
Comprehensive guidance on honest and legitimate transactions
Comprehensive instructions for reports and documents.
