Lok Sabha passes Benami Transactions Bill
Finance Minister Arun Jaitley tabled the bill in the Lok Sabha and said the legislation was predominately an anti-black money measure and its purpose is to seize benami property and prosecute those indulging in such activities, PTI reported.
In an attempt to curb black money, Lok Sabha on Wednesday passed the Benami Transactions Amendment Bill, 2015, which aims to ban benami (proxy) transactions and prevent circumvention of law through unfair practices.
Finance Minister Arun Jaitley tabled the bill in the Lok Sabha and said the legislation was predominately an anti-black money measure and its purpose is to seize benami property and prosecute those indulging in such activities, PTI reported.
"A lot of people who have unaccounted money buy benami property in the name of fictitious persons ... these transactions have to be discouraged," he said.
On concerns expressed by certain members about religious properties or those owned by deities or religious institutions, Jaitley said the government under this Bill will exempt such bonafide entities.
"There is Section 58 under the law which clearly states that charitable or religious organisation properties, the government has power to exempt those," PTI said quoting Jaitley as stating in a reply to concerns of some members about the applicability of the amended law on properties in the name of holy books and deities.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
09:05 AM IST