Benami Transactions (Prohibition) Amendment Bill 2015

Q.  Which of the following is/are true regarding Benami Transactions (Prohibition) Amendment Bill 2015?

1) Religious and Charitable organisations’ properties are not exempt from this Act.
2) Properties owned by deities will be exempt from this Act.
- Published on 02 Aug 16

a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2

ANSWER: Only 2
 
  • Moving the Benami Transactions (Prohibition) Amendment Bill 2015 for the consideration and passage, the Minister said the legislation was predominately an anti-black money measure and its purpose is to seize benami property and prosecute those indulging in such activities.
  • The government has power to exempt charitable or religious organisation properties.
  • The Minister warned that exemption to such entities cannot be a pretext for tax evasion.
  • Creating false sects and creating benami property under it will not be exempt from the purview of the Act.

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