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Benami transactions to fetch jail term upto 7 years : Income Tax Department warns public
Posted on: 11-01-2018 , 11:17:AM | DY365 Bureau

 Image for representational purpose only. Source : Internet

The Income Tax Department in a public advertisement published in leading national dailies warned people to "keep away" from benami transactions.

The IT Department also cautioned that violations under the newly enacted law invite criminal prosecution and rigorous imprisonment up to seven years.

The newspaper advertisement, titled "Keep Away from Benami Transactions", describes black money as a "crime against humanity" and urged "conscientious citizens to help the government in eradicating it".

The I-T advertisement said that, the beneficiary (who actually paid consideration) and persons who abet and induce benami transactions, both are prosecutable and may face rigorous imprisonment upto 7 years apart from being liable to pay a fine upto 25 per cent of fair market value of the worth of the benami property.

 
 

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