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Section 53 Penalty for benami transaction - The Benami Transactions (Prohibition) Amendment Act 2016

What is the Penalty for benami transaction? Section 53 of The BTP (Prohibition) Amendment Act 2016

Section 53 : Penalty for benami transaction

(1) Where any person enters into a benami transaction in order to defeat the provisions of any law or to avoid payment of statutory dues or to avoid payment to creditors, the beneficial owner, benamidar and any other person who abets or induces any person to enter into the benami transaction, shall be guilty of the offence of benami transaction.

 

(2) Whoever is found guilty of the offence of benami transaction referred to in sub-section (1) shall be punishable with rigorous imprisonment for a term which shall not be less than one year, but which may extend to seven years and shall also be liable to fine which may extend to twenty-five per cent. of the fair market value of the property.

   

 

 
 

 

Benami Transactions (Prohibition) Amendment Act, 2016

Section 51 Application of Code of Criminal Procedure 1973 to proceedings before Special Court

Section 52 Appeal and revision

CHAPTER VII OFFENCES AND PROSECUTION

Section 53 Penalty for benami transaction

Section 54 Penalty for false information

Section 55 Previous sanction

CHAPTER VIII MISCELLANEOUS

Section 56 Repeal of provisions of certain Acts

Section 57 Certain transfers to be null and void

Section 58 Exemption

Section 59 Power of Central Government to issue directions etc

Section 60 Application of other laws not barred

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