Question

The definition of "Benami transaction" under the Benami act includes

1. If the transaction is made in a fictitious name
2. The owner is not aware of or denies knowledge of the ownership of the property
3. The person providing the consideration for the property is not traceable

Which of the above statements are correct?

• A. 1 only
• B. 2 only
• C. 1 and 3 only
• D. 1,2 and 3

Answer 1

The correct option is D 1,2 and 3

Benami transaction is a transaction where a property is held by or transferred to a person, but has been provided for or paid by another person,the transaction is made in a fictitious name,the owner is not aware of denies knowledge of the ownership of the property,the person providing the consideration for the property is not traceable.