STUDY OF BENAMI TRANSACTION IN ACCORDANCE WITH INDIAN CONSTITUTION
AUTHOR – SONA.V.R, LLM SCHOLAR, DEPARTMENT OF PROPERTY LAW, SOEL, TAMILNADU DR. AMBEDKAR LAW UNIVERSITY, CHENNAI
BEST CITATION – SONA.V.R, STUDY OF BENAMI TRANSACTION IN ACCORDANCE WITH INDIAN CONSTITUTION, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 5 (10) OF 2025, PG. 347-352, APIS – 3920 – 0001 & ISSN – 2583-2344.
ABSTRACT
Benami is that when a one person transfers a property and where other person will pay the money who doesn’t have any connection with the property. In simple terms one person will held the property and money comes from the other person Firstly the term “Benami” is a urdu term which mean that “without name”. The main purpose of the benami transaction is to often hide the real owner of the property which actually leads to money laundering, tax evasion, fraudulent transfers etc. To rectify and to keep in path government passed Benami Transaction (Prohibition) Act, 1988. In this paper will be mentioned about how this prohibition act is effective and also Section 3(2) of Benami Transaction Act. In this following paper will be witnessing the unconstitutionality of section 3(2) of Benami Transaction and Prohibition Act in the case of Union of India v. Ganapati Dealcom Private Limited, the objectives of 57th law commission 1973, Prohibition of right to recover property under the purview of section 4 of benami transaction and prohibition act, will be discussing about 2016 amendment in benami transaction, burden of proof which plays the crucial part in the legislation and last but not the least the suggestion part where will be denoting on how to aid the benami transaction and particular deeds supporting the property. If any illegality occurs how the remedies of such act paves the way to the immediate seizure and confistication should be enforced and how to strengthen the international cooperation.
KEYWORDS – Benami, Money laundering, Fraudulent Transfer, Prohibition, Prohibition.