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LS Okays Changes To Benami Property Law

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The Lok Sabha on Wednesday passed the Benami Transactions (Prohibition) Amendment Bill, 2015, which provides for confiscation of assets held in the name of another person or in a fictitious name to avoid taxation. During the debate, Finance Minister Arun Jaitley assured that genuine religious trusts would be kept out of the purview. The Bill also keeps away transfer of property through power of attorney from the ambit of benami transactions, giving relief to property buyers in the National Capital Region, where transfers through this route have been common.
Business Standard New Delhi,28th July 2016

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