Benami Transaction

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Benami Transaction

Unread postby Admin » Sat Jul 22, 2017 7:21 am

Benami Transaction
Under section 8 of Benami Transaction (Prohibited) Act 2017
(A) a transaction or arrangement-
(a) where property is transferred to or is held by a person and the consideration for such property), has been provided. or paid by. Another person: and
(b) the property is held for the immediate or future benefit. direct or indirect of the person who has provided the consideration. Except when the property is held by.
(i) a person stranding in a fiduciary capacity for benefit of another person towards whom he stands in such capacity and includes a trustee, executor, partner, director of a company, agent or legal adviser, and any other person as may be notified by the Federal Government for this purpose.
(ii) any person being an individual in the name of his spouse or in the name of any child or in the name of his brother and sister or lineal ascendant or descendant and the individual appearing as join owner in any document of such individual and the consideration for such property has been provided or paid out of known recourses of income of the individual or
(B) a transaction or arrangement in respect of a property carried out or made in a fictitious name or
© a transaction or arrangement in respect of a property where the owner of the property is not aware of or denies knowledge of such ownership or
(D) a transaction or arrangement in respect of property where the person providing the consideration in not traceable or in fictitious.
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