The Benami Transaction Act forbids unlawful Benami transactions and punishes violators with severe fines and up to seven years in prison. The act grants a right to reclaim any property held in Benami, which defines a transaction in which property is held by or transferred to a person but paid for by another Benami transaction. Additionally, it covers a range of penalties, such as confiscation of benami property, fines of up to 25% of fair market value, and imprisonment for up to seven years.
Transactions Treated as 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.
What We Provide to Mitigate Unfairness In The Transaction:
● Facilitates safe transactions
● Full guidance on honest and equitable transactions
● Full instructions for documents and reports
