10 Questions around this concept.
Read the following passage and answer the question.
The Calcutta High Court has clarified that the mere transfer of money from a husband to his wife for the purchase of property would not qualify as a benami transaction"In the Indian society, if a husband supplies the consideration money for acquiring property in the name of his wife, such fact does not necessarily imply benami transaction. The source of money is, no doubt, an important factor but not a decisive one. The intention of the supplier of the consideration money is the vital fact to be proved by the party who asserts benami." In India, two kinds of benami transactions are generally recognized. Where a person buys a property with his own money but in the name of another person without any intention to benefit such other people, the transaction is called benami. In that case, the transferee holds the property for the benefit of the person who has contributed the purchase money, and he is the real owner. The second case which is loosely termed as a benami transaction is a case where a person who is the owner of the property executes a conveyance in favour of another without the intention of transferring the title to the property thereunder. In this case, the transferor continues to be the real owner."
Question :
Mr. Z purchases a property under his brother Mr. Y's name, using his own funds. The property is registered under Mr. Y's name. Mr. Y is financially dependent on Mr. Z, but there is no concrete evidence to prove this financial dependency. Under the Benami Transactions (Prohibition) Act, how is this transaction likely to be treated?
Understanding Criminal Misappropriation:
Elements of Criminal Misappropriation:
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Case Law:
Constitutional Perspective:
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