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What is a Benami Property & Benami Act?

Benami Property is a property whose legal owner is not its actual owner. That is, while the asset is legally held in the name of a particular person (benamidar), it actually belongs to another person (beneficial owner) who has paid for it and continues to hold interest in it. 

Under the Act, the term ‘property’ has been defined comprehensively to include not only immovable assets such as land, flat or house but also movable assets such as gold, stocks, mutual fund holdings and even bank deposits. Nothing has, in fact, been spared. If the property is sold off, then the proceeds from it too are considered benami.

Under the new Benami Act, property purchased in the name of a fictitious person or where the payment for the property has been made by someone who does not exist or cannot be traced too is considered benami. The Act covers all domestic benami property transactions conducted since 1988.

However, if you have bought some property in the name of your spouse or child from your known sources of income, it will not be treated as benami.

You can also buy property for your brother, sister, a lineal ascendant or a lineal descendant but that must be held jointly with you for it to be excluded under the Act.

Lineal ascendants include your father, mother, grandparents, great-grandparents and so on and lineal descendants include your children, grandchildren, great-grandchildren and so on. Apart from that, property held by the karta or a member of the Hindu Undivided Family (HUF), the payment for which has been made by known sources of income of the HUF, too will not be treated as benami. 

Giving it teeth

The Act gives the Initiating Officer (Assistant or Deputy Commissioner of Income Tax) the power to enquire into any person, place, documents or property in the course of investigation into any matter related to a benami property transaction. 

It also mandates officers from different government organisations such as the Customs and Central Excise departments, the narcotics department, RBI and SEBI to assist the authorities tasked with investigation. If the Initiating Officer is convinced that you hold a benami property, you will be issued a notice, and, if required, the property will also be provisionally attached. 

Strict action 

If the available evidence confirms it, the Adjudicating Authority (appointed by the Centre) will order confiscation of property by the government. 

Apart from awarding imprisonment of up to seven years to the beneficial owner and the benamidar, others involved in the deal, too, will not be spared. A fine of up to a fourth of the market value of the property can be imposed on all parties. 

Those providing false information or documents to the authorities may be imprisoned for up to five years and face a fine of up to 10 per cent of the market value of the property involved. Appeals can however, be made against the decision. The Act provides for an Appellate Authority, appointed by the Central government, for this purpose. 

Further appeals lie with the relevant High Court but have to be made within 60 days from the decision of the Appellate Tribunal.

Another point worth noting is that there’s no way you can have a benami property back in your name. The new Act clearly forbids re-transfer of a property from the benamidar to the beneficial owner. And if a re-transfer does happen, it will be considered invalid.

With the new Benami Act leaving no route for escape, it’s time you became an honest taxpayer.

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Laurus Labs IPO - To Invest or Avoid

We present below an update for Laurus Labs IPO which has set its price band at 426-428 per share.

Pharma company Laurus Labs will launch its initial public offering (IPO) next week and it has fixed the price band at 426–428 per equity share. The IPO is scheduled to open on December 6 and close on December 8, the company said on Tuesday. The offer consists of fresh issue of equity shares aggregating up to ~300 crore and an offer for sale of 24,107,440 equity shares. The selling shareholders are Aptuit Asia Pvt Ltd, Bluewater Investment Ltd, FIL Capital Management and Fidelity India Principals.

About Company

Hyderabad-based Laurus Labs, a research and development-driven pharmaceutical firm, plans to raise ₹1,331 crore from the primary market next week.

Laurus Labs has a leadership position in generic active pharmaceutical ingredients for select, high-growth therapeutic areas of anti-retrovirals and Hepatitis C. Kotak Mahindra Capital, Citigroup Global Markets, Jefferies India and SBI Capital Markets are the book-running lead managers.

We will provide more updates on the issue through the comments form and you can see update on latest IPOs in India here.

Sheela Foam IPO - To Invest or Avoid

We all are aware the havoc demonetization of notes has created in the financial market and the first casualty in IPO segment is GreenSignal Bio Pharma Ltd whose IPO has been withdrawn.

Now it is the Sheela Foam Ltd which is entering in the capital markets with an initial public offering, IPO to raise Rs 510 crore. The price band for the issue has been fixed at Rs 680 at lower level and Rs 730 at upper level. Sheela Foam Ltd is a leading manufacturer of mattresses and other foam-based home comfort products in India.

They sell their products under the brand Sleepwell, Feather Foam, and Lamiflex. The issue opens on Nov 29, 2016 and closes for subscription on Dec 01, 2016. The equity shares of the issue are proposed to be list on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

We are of the opinion that this issue is worth going as Sleepwell is an established name and investors like to invest in consumer driven stocks. However, only spoil sport can be the demonetisation move of Rs 500 and Rs 1000 currency notes.

Top Indian Sector Going to Benefit with Trump Win - Know it Now !!

It is better to study the person whom you do not like and try to mould yourself according to his style of functioning and same can be said about Trump who was hated during the USA campaign and is now going to capture the top seat. The one Indian sector which is going to be immensely benefitted with Trump win is the Pharma sector.

Trump’s 100-day plan also mentions reforming the US drug regulator, FDA. He talks about cutting the red tape to speed up approvals. This is good news for Indian pharma companies whose biggest market is the US. Plus, pharma companies were wary of Hillary Clinton, who had spoken against high drug prices. Many Democrats also proposed to set a cap on drug prices. This would have eaten into pharma company profits. With the Republicans in power, this issue is unlikely to crop up. This is one reason why shares of pharma companies rallied in an otherwise falling market on 9th November.

Also take time to check the Indian sector which is likely to suffer due to Trump being in office here.

So, now you should get a hint that wwhy Pharma sector has started running up now and take advantage of the same in the falling market by using our intraday idea which can help you make money easily.

Indian Sectors Likely to Suffer With Trump Victory & How You Can use it to Your Advantage

Trump; the underdog has won in the USA presidential elections and to be on the toes you should know the likely Indian sectors which are going to be affected in USA courtesy his holding the chair.

The real culprit is President-elect Donald Trump’s anti-offshoring policy. Trump’s 100-day agenda talks about ending the Offshoring Act. He also talks about levying a 35% tax on companies that shift their production outside the US. This affects the Indian IT companies directly.

Visa rules could become tighter too, making it difficult for Indian IT companies to service their US clients. However, we foresee only a short-term effect. “Once he takes over the Oval office, the businessman in him shall surface as he is the not the only one calling shots as his advisors will guide him through the info overload and definitely good sense will prevail in him.

Trump, in the past, has spoken about maintaining a strong relationship with India to woo businessmen and students. Plus, he himself has business interests in India. This could mean a prospering relationship with India. Moreover, Trump indicated he wants to curtail trade with China and clamp down on Pakistan. This could help Indian businesses as well as its defense interests. Thus all is not lost for IT stocks with election of Trump as a USA President and do remember to check the likely Indian sector going to benefit with Trump in chair here.

Check how you can avoid being bulldozed by Trump policies and stick to intraday by using the hot stock of the day and start making money like professionals.

Rs 500 & 1000 Notes Stand Abolished & Way Ahead

This is a real bold move where by PM Narendra Modi has announced that all Rs 500 and Rs 1000 notes stand abolished as legal tender to fight the black money. Check his below video now. Everyone is surprised as no news was out in the market regarding any such proposed action.



Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight i.e. 09 Nov 2016” and these will be “just worthless piece of paper.” However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid. He also announced that new notes of Rs 2000 and Rs 500 will be introduced.

Now see the action which you need to undertake to make sure that your money does not become a piece of tissue paper. Have a look at below image which gives you the likely course of action. So do correct course of action before 30 Dec 2016.


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