What is benami transaction?

Submitted by asandil on Tue, 05/27/2014 - 18:06

The term benami has originally been generated from Persian language which means property without a name.  Section 2(a) of the Benami Transactions (Prohibition) Act, 1988 states , “‘Benami transaction’ means any transaction in which property is transferred to one person for a consideration paid or provided by another person.”