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Section 53: Penalty for benami transaction.

The Prohibition of Benami Property Transactions Act, 1988Central Act · Act 45 of 1988

[53. Penalty for benami transaction.--(1) Where any person enters into a benami transaction in order to defeat the provisions of any law or to avoid payment of statutory dues or to avoid payment to creditors, the beneficial owner, benamidar and any other person who abets or induces any person to enter into the benami transaction, shall be guilty of the offence of benami transaction.

(2) Whoever is found guilty of the offence of benami transaction referred to in sub-section (1) shall be punishable with rigorous imprisonment for a term which shall not be less than one year, but which may extend to seven years and shall also be liable to fine which may extend to twenty-five per cent. of the fair market value of the property.]

Where this provision sits

ActThe Prohibition of Benami Property Transactions Act, 1988
Section53
Marginal notePenalty for benami transaction.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it3

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted. . Ins. by s. 9, ibid. (w.e.f. 1-11-2016).

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