Income Tax Department attaches over 900 benami properties worth more than Rs 3,500 crore
This includes immovable properties of at least Rs 2,900 crore.
The Income Tax Department said on Thursday that it had attached more than 900 benami (nameless) properties, including plots of land, flats, shops, jewellery, vehicles and bank deposits. The value of the attached properties is over Rs 3,500 crore, including immovable properties worth over Rs 2,900 crore.
The department said it had set up dedicated Benami Prohibition Units in May 2017 to ensure swift action against benami properties in India. The agency said it took action against the properties based on the provisions of the Prohibition of Benami Property Transactions Act, which came into effect in November 2016.
The I-T Department added that the adjudicating authority had confirmed the provisional attachment of benami properties worth over Rs 150 crore.
The Act defines a transaction as “benami” when property is held by one person, but has been provided or paid for by another person. The new law, which has replaced the Benami Transactions Act of 1988, states that the offender will have to serve at least one year of rigorous imprisonment that may go up to seven years and the fine to be paid may extend up to 25% of the market value of the property.