Adv. Sonal Aditi, Jharkhand High Court
ABSTRACT:
In one of the writing of Willam Shakespeare named Romeo and Juliet, Juliet said: “what’s in the name?”, if in India, Juliet would had to buy a home right now, it would have sparked a controversy since, according to the Prohibition of Benami Transactions (Amendment) Act, 2016, owing assets and property under a different name constitutes a crime.
The number of policy measures and reforms aimed at improvement and the transparency level in the real estate market has long been shrouded in secrecy in this country and it was a common practise among individuals to buy properties with their own money but in the name of others. Thus, in the past years, legislation has passed a Benami transactions (Prohibition) Amendment Act, 2016 in order to curb the flow of black money from the real estate market.
This paper examines the Act and Amendments of the laws to curb the Benami transactions deals in the country.
The purpose and objective of the article is to study about the Benami Transactions (Amendment) Act, 2016, and to analyse the effects of the Amendment act on combating black money and its positive impact on country’s real estate market.
Keywords: Black money, Benami, impact, legislation, Real estate.
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