Benami Transaction Advisory Services
Benami transactions involve properties held by one person while the consideration is paid by another, effectively concealing the true ownership of the asset. These transactions are governed by strict legal provisions to ensure transparency and prevent misuse.
At Pradip B Gandhi, we specialize in providing comprehensive Benami Transaction Advisory Services, ensuring that all transactions comply with the legal framework. Our expertise helps clients navigate the complexities of the Benami Transactions (Prohibition) Act, 1988, and ensures proper legal guidance throughout the process.
Our services include identifying potential Benami transactions, offering strategic advice on compliance, and managing the legal implications of such transactions. We aim to protect our clients from legal risks and ensure that their business dealings remain within the bounds of the law.
Our Comprehensive Benami Transaction Advisory Services Include:
- Identification and assessment of potential Benami transactions
- Guidance on compliance with the Benami Transactions (Prohibition) Act, 1988
- Legal representation before authorities and adjudicating bodies
- Preparation of required documentation and records
- Assistance in navigating the roles of the Initiating Officer, Approving Authority, and Administrator
- Strategic advice to safeguard clients' interests in complex cases
FAQ's
Exceptions apply — such as property held in the name of one’s spouse or children where the purchase consideration came from known income sources.
- Confiscation of the benami property without compensation.
- Imprisonment for up to 7 years (or in some cases 1–7 years) and fines up to 25% of the market value of the property.
- Legal prohibition on recovering any rights in respect of property held benami.
- Issuance of a notice by the Initiating Officer to the alleged benamidar/beneficial owner.
- Attachment of property when suspicion is confirmed.
- Adjudicating proceedings and then possible confiscation by government authorities.
- Property held by a member of a Hindu Undivided Family (HUF) using known funds.
- Property held in fiduciary capacity (trustees) or by spouse/children where consideration is known.
- Evaluating whether a transaction may risk classification as benami and advising preventive structuring.
- Assisting during notices, attachments or adjudications under the Benami law, safeguarding clients’ interests.
- Ensuring compliance, documentation, and legal representation in sensitive matters where property rights and tax exposure are at stake.
