What are the penalties for benami properties or transactions?
Wednesday, August 2, 2017, 11:33 AM
The PBPT Act defines benami properties and benami transactions and prohibits them. It also prescribes punishment and penalties applicable when laws are violated. It gives the government powers to confiscate, properties held benami without being liable to pay any compensation. Violation of PBPT Act can put a person behind bars for as long as 7 years. The culprit can also be fined for it.