1. A benami transaction is one where a property is held by one person and the amount for it is paid by another. The transaction is done to benefit the person who pays for the property either directly or indirectly. 2. The Prohibition of Benami Property Transactions Act, 1988, is an amendment of the older Benami Transactions (Prohibition) Act, 1988, and has come into force from 1 November 2016. 3. It prohibits illegal benami transactions, and provides imprisonment up to seven years and fine for violation of the Act which may extend to 25% of the fair market value of the benami property. 4. The new law provides for authorities to conduct inquiries on any benami transactions. These are, the Initiating Officer, Approving Authority, Administrator, and Adjudicating Authority. 5. Under the new law, an Appellate Tribunal will hear appeals against orders passed by the Adjudicating Authority. Appeals against orders of the Tribunal, in turn, will be heard by the High Court. (The conten...

NEW DELHI: South corporation on Wednesday started distribution of Unique Property Identification Code (UPIC) cards along with inaugurating the "Link your Record" programme for residents in its jurisdiction. The taxpayers will now directly have access to their digitised records and will be able to upload their documents, which will be vetted by the civic body. UPIC cards have a QR Code, which on being scanned will directly links the user's property record files. The civic body had run a 15-day pilot before inaugurating the scheme, which it claims will benefit four lakh people. South corporation mayor Shyam Sharma said that there are around 16 lakh properties under SDMC from whom tax needs to be collected. "To ensure collection from all property holders and identify the name and details of those who are not depositing tax, it is essential to have a separate unique UPIC Number," he added.

1. In “Sarla Devi vs Budhan” on 28 April, 2011 R.S.A.No. 130/2007 & CM No. 9195/2006, the Hon’ble High Court of Delhi observed, “the Plaintiff had entered into an agreement to sell with the defendant; this was qua 45 sq. yards of property comprising of one room with latrine, bathroom measuring 16 ft. X 25 ft situate in Khasra No. 15 of Village Mandoli; total consideration agreed was Rs. 1,60,000/-; plaintiff had paid the sum of Rs. 50,000/- as an advance/earnest money. In terms of the aforestated agreement, the balance amount of Rs. 1, 10,000/- had to be paid by 25.08.2000, on which date the defendant was required to execute the documents of transfer in favour of the plaintiff before the Sub- Registrar. The plaintiff reached the office of the Sub-Registrar on 25.08.2000 for getting the documents of transfer executed but the defendant did not came there till 1 pm.” Then the Honorable Court held, “It is also relevant to state that the statement of the defendant had been recorde...

NEW DELHI: The Supreme Court on Monday agreed to examine real estate major Supertech Ltd's plea against the Allahabad high court's order directing demolition of two 40-floor towers in Noida and ordered the company not to sell or transfer flats in the buildings. A bench headed by Chief Justice RM Lodha issued notice on a batch of petitions filed by Supertech, Noida, flat owners of the controversial buildings and the petitioner on whose plea the high court had passed the order. It also expressed surprise on how Noida (New Okhla Industrial Development Authority) had permitted the construction of 40-floor buildings and said that if they are to be demolished then the authority will have to face the consequences. If the towers are demolished then money must be paid to flat owners by the authority as it colluded and participated in giving sanction for them, the court said. The bench also raised questions on how the floors was raised from 24th to 40th floor during the construction...

HSBC received alerts from cautious customers about some fraudulent approaches from individuals stating that they should invest in PPP (Private Placement Programs) schemes whereby an exceptional amount of returns are guaranteed within an extremely short tenure. This is in the form of High Yielding Investment Programmes / Financial Instruments, examples of which are as under The Scheme talks about offering 300% returns to HSBC Bank customers over a short period of time through pledging of Fixed Deposit (FDs). The amount will be utilized in high return instruments by the operator. The FDs should be above INR 50 Crores. Funds in excess of INR 50 Crores needs to be transferred to the mentioned account, This will be pledged against, SBLC issued favoring other customers. This scheme assures high returns to investors. Instructions for Customers Kindly record details of individuals, companies & any available documentation of a suspect proposal pertaining to PPP schemes wherein you h...

मुंबई सस्ते लोन की रेस में बैंक ऑफ बड़ौदा पब्लिक सेक्टर के सबसे बड़े बैंक एसबीआई और सभी प्राइवेट बैंकों से आगे निकल गया है। बैंक 8.35 प्रतिशत पर होम लोन दे रहा है, जो इंडस्ट्री में सबसे कम रेट है। दूसरे बैंक अपने पुराने ग्राहकों को रेट में आई कमी का फायदा नहीं दे रहे हैं। बैंक ऑफ बड़ौदा सस्ते रेट से उन्हें लुभाने की कोशिश कर रहा है। बैंक ने पुराने ग्राहकों के लिए बेस रेट वाले लोन को मार्जिनल कॉस्ट लेंडिंग रेट में शिफ्ट करने के लिए स्विचिंग फी भी माफ कर दी है। अभी होम लोन ग्राहकों को बेस रेट से एमसीएलआर में शिफ्ट होने के लिए 5,000 से 10,000 रुपये की फी देनी पड़ रही है। दूसरे बैंकों और हाउजिंग फाइनैंस कंपनियों के ग्राहक अपना लोन बैंक ऑफ बड़ौदा में बिना किसी चार्ज के शिफ्ट कर सकते हैं। बैंक ने एक स्टेटमेंट में बताया, ‘एमसीएलआर में 0.55-0.75 प्रतिशत की कटौती के बाद बैंक ने होम लोन की ब्याज दरों को इस साल 7 जनवरी से 0.70 प्रतिशत कम किया है।’ बैंक सबसे कम रेट पर होम लोन दे रहा है। बैंक ऑफ बड़ौदा ने हाल ही में एक साल का एमसीएलआर रेट घटाकर 8.35 प्रतिशत किया था, जो पहले 9.05 प्रतिशत था। ...

There has been law since independence regarding the properties left behind by the migrants to Pakistan. First the law was passed as the Administration of Evacuee Property Act, 1950 after the war against Pakistan. Another law was passed in continuation of the provision of the Administration of Evacuee Property Act that was named as Enemy Property Act later. Those persons who had migrated to Pakistan and left properties in India were made subject to the provision of the Evacuee Property Act and their properties were taken over by the government of India. A large number of disputes gave way to a prolonged litigation and meanwhile Enemy Property Act into being. The properties left by migrants leaving other members of the family were snatched from the surviving members and their progeny. This phase of litigation made suffer a large number of Indian citizens.After the subsequent enactment the sufferings were multiplied and till now litigations are in the courts.For example the pro...

Three members of a family have been given back over three acres of land in Byrasandra that they had acquired from the family patriarch back in 1941. Legal dispute over acquisition of the land went on all these years. The family members claimed that they were never paid compensation for the land originally notified by the then Government of Mysore to build a central prison. The prison was never built and though the authorities claim that the award/compensation had been paid, they were unable to produce documents "as they were unavailable". The High Court of Karnataka judgment came in favour of Venkatamma, Chandrasekhar and Rathna, the wife and children of Venkatesh. Three acres, 32 guntas of land belonging to Venkatesh's father Appaiah was part of 131 acres of land the government had acquired in 1941. Both Appaiah and Venkatesh are dead now. They contended before the HC that 131 acres of land was acquired in 1941 for constructing a central jail. The jail was not built a...