Benami Transactions (Prohibition) Amendment Act, 2016 (BTP Amendment Act), will come into force from 1st November 2016, notified by Income Tax Department. This Act is designed to curb black money. The new law amended the Benami Transactions Act, 1988 and renamed as the Prohibition of Benami Property Transactions (PBPT) Act, 1988. The Act defines benami transactions and also provides imprisonment upto seven years and fine for violation of the Act. The official notification says,‘The PBPT Act prohibits recovery of the property held benami from benamidar by the real owner. Properties held benami are liable for confiscation by the government without payment of compensation'.
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