Benami Properties - All you want to know

What is benami property -

Which is difficult to be traced to a person. Many corrupt people are able to maintain benami properties through benami companies or through servants, etc

Benami means property without a name.The person who finances the deal is the real owner .The person on whose name the property has been purchased is called the benamdar.

Its not always mean without name.. sometimes ppl use wrong spellings, different sur name address, in relatives/ dead ppl name. Basically any means so that its difficult to track :)

So it means that there are people in India who register property on other names, wrong name, dead names and giving miss information.

Who are they people -

They are mostly Politician or Govt employee who have benami properties.

Businessman may have multiple property may be earned with money without giving tax but all that property is on his name, his relative name and whatever white money needed for that he has proof for that.

There might be a small % of business man who have multiple properties as compare to there income but not benami properties.

Who will be effected with Benami Property Bill -

People having 100s of crore property at multiple locations, there is no data available though but if we assume as per the society overhearing 60-70% politician  and around 20-30% govt employees have benami property.

What that number can be -

Though it is difficult to estimate but as per some sources the overall value of properties in India can go up to 30000-50000 lac crore rupees. If we look lower number from that and assume only 1% of property as benami property it can be worth 300 lac crore.

If govt overtake all these property and sell it on half of its price it is 150 lac crore. It is Equivalent to tax collected in 10 years.

But this number can be 10 to 100 times more because we do not have any actual data to support this we have just taken lower side estimates.

What govt need to do -

There is no need to attack on people and check there properry, just a surgical strike is needed. Govt should ask all people to do KYC of there property means attach adhar card or pan card in your property. That's it. Give a time of let's say 3 months to add this and create a centralise database. Everything will be clear in three months.

Property which are unclaimed should be takeover by govt. Properties with misappropriate income should be taxed. It is simple. Entire india will support. Govt because it is just .1-.2 of people have most of the money And properties.

If it happen India will be the biggest economy of the world and US, UK, China etc will be in line to have Indian Visa.

Gold is the next big thing...let's see what govt will be doing for gold.

Modi only can do it, please support him.

Benami Properties - All you want to know Benami Properties - All you want to know Reviewed by Sachin Jain on 16:07 Rating: 5


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