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.