New Delhi [India], Jan. 31 : The Income Tax (IT) Department has recently attached properties under Prohibition of Benami Property Transactions Act, 1988, and issued 87 notices out of which 42 properties have already been attached in the last few days, sources state.
This is the first crackdown by the IT Department on Benami transactions, after Prime Minister Narendra Modi announced that he would take action against 'benami' properties.
The attached property includes money in the bank account of Benamidars and their immoveable properties.
The Benami Property Transactions Act of 1988 was amended by the Benami Transactions (Prohibition) Amendment Act, 2016, which empowered specified authorities to provisionally attach benami properties which can eventually be confiscated.
As per the Benami Act, if a person is found guilty, he shall be punishable with rigorous imprisonment for a term not less than a year, which may be extended to 7 years and is also liable to fine which may be extended to 25 percent of the fair market value of the said property.