BENAMI PROPERTY TRANSACTIONS | RISKS, LAWS, & IMPLICATIONS
Demystifying Benami Property Transactions in Delhi, NCR and Prayagraj (Allahabad)
Understanding Benami Transactions: Risks, Laws & Legal Support
Property ownership in India, especially benami transactions (properties held in someone else’s name), can be complex and fraught with legal risks. At K P S G & Co. in Delhi, NCR and Prayagraj (Allahabad), we provide comprehensive legal guidance to navigate the intricacies of benami property transactions.
What are Benami Transactions?
Benami transactions involve holding property in the name of a person (benamidar) who is not the actual owner (beneficial owner). This practice is often used to hide the identity of the true owner, sometimes for illegal purposes.
The Benami Transactions (Prohibition) Amendment Act, 2016
The Indian government has taken a firm stance against benami transactions through this Act. The Act outlines:
- Penalties: Offenses involving benami transactions can result in fines of up to 25% of the property’s fair market value and imprisonment ranging from 1 to 7 years. Providing false information attracts a 10% fine and imprisonment from 6 months to 5 years.
Our Benami Property Legal Services in Delhi,NCR and Prayagraj (Allahabad)
K P S G & Co. offers a dedicated team of legal professionals with in-depth knowledge of benami property laws and regulations. We provide the following services:
- Pre-emptive Guidance: We advise clients on the legal implications of benami transactions, helping them make informed decisions.
- Representation Services: Our lawyers represent clients before authorities like Initiating Officers, Approving Authorities, and Adjudicating Authorities.
- Procedural Assistance: We navigate the complex legal procedures involved in benami property cases, ensuring a smooth and compliant process.
- Compliance Support: We guide clients on adhering to all benami property regulations to avoid legal complications.
Why Choose K P S G & Co. for Your Financial Needs?
In today’s complex business environment, navigating financial matters can be daunting. At K P S G & Co., we understand this challenge. That’s why we offer more than just accounting services; we provide peace of mind and a trusted partnership.
Here are just a few reasons why K P S G & Co. should be your go-to Chartered Accountant firm:
- One-Stop Solution: We offer a comprehensive range of services, encompassing everything from tax planning and audits to company formation and foreign exchange management. You won’t need to juggle multiple advisors – we have you covered.
- Experience You Can Trust: With over a decade of experience, our team of skilled professionals possesses a deep understanding of the financial landscape. We leverage this expertise to provide insightful advice and effective solutions.
- Unwavering Integrity: Our core values guide everything we do. You can be confident that you’ll receive honest, transparent, and independent advice tailored to your specific needs.
- Focus on Your Success: We are committed to fostering long-term relationships with our clients. Your success is our success, and we’ll be by your side every step of the way.