IT Department Seize Rs 6,900 Crore Under Anti-Benami Law
IT Department confiscates assets worth Rs 6,900 crore under Anti-Benami Law.
The Income Tax department confiscated assets worth Rs 6,900 crore under the Prohibition of Benami Property Transactions Act, 2016. A Benami Transaction is an arrangement in which an asset is transferred or held in the name of one person, but the asset is owned and enjoyed by a different person. People do this to fool the IT department and enjoy tax benefits.
Under the Anti-Benami Transaction Law, both the parties can be sent to jail for a minimum of 7 years or a fine of up to 25% of the market value of the Benami property.
The IT Department encourages all the citizens to help with this problem.They started taking action under the Anti-Benami Law from November 2016.