Press Information
Bureau
Government of India
Ministry of Finance
28-October-2016 17:30 IST
Government of India
Ministry of Finance
28-October-2016 17:30 IST
Prohibition of Benami
Property Transactions Act, 1988.
Benami
Property Transactions Act, 1988 has been amended by the Benami Transactions
(Prohibition) Amendment Act, 2016 (BTP Amendment Act). The rules and all the
provisions of the BTP Amendment Act shall come into force on 1stNovember,
2016. After coming into effect of the BTP Amendment Act, the existing Benami
Transactions (Prohibition) Act, 1988 shall be renamed as Prohibition of Benami
Property Transactions Act, 1988 (PBPT Act).
2.
The PBPT Act defines benami transactions, prohibits them and further provides
that violation of the PBPT Act is punishable with imprisonment and fine. The
PBPT Act prohibits recovery of the property held benami from benamidar by the
real owner. Properties held benami are liable for confiscation by the
Government without payment of compensation.
3.
An appellate mechanism has been provided under the PBPT Act in the form of
Adjudicating Authority and Appellate Tribunal. The Adjudicating Authority
referred to in section 6(1) of the Prevention of Money Laundering Act, 2002
(PMLA) and the Appellate Tribunal referred to in section 25 of the PMLA have
been notified as the Adjudicating Authority and Appellate Tribunal,
respectively, for the purposes of the PBPT Act.
4.
A Joint / Additional Commissioner of Income-tax, an Assistant / Deputy
Commissioner of Income-tax and a Tax Recovery Officer in each Pr. CCIT Region
have been notified to perform the functions and exercise the powers of the
Approving Authority, Initiating Officer and Administrator, respectively under
the PBPT Act.
5.
All the notifications have been uploaded on the website of the Department at www.incometaxindia.gov.in.
(Meenakshi Goswami)
Commissioner of Income Tax
(Media & Technical Policy)
Official
Spokesperson, CBDT
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