Aadhar linkage to unravel benami properties

     Written by : SMTV24x7 | Wed, Nov 22, 2017, 05:17 PM

Aadhar linkage to unravel  benami properties

Mumbai Nov 22: In yet another move to ensure that real estate sector becomes transparent and black money and Benami properties are wiped out the government would soon link property registrations with Aadhar card.Union Minister for Housing had confirmed the governments move and said that this move would ensure that Benami properties would no longer cease to exist.

Currently, many people store their illicit wealth in the properties such as lands and buildings which results in the rise in properties prices and land rates. Linking Aadhar with property will ensure that no Benami registration can take place because many people employ their servants, car drivers, Accountants or register properties in the name of their relatives without their knowledge and it would be difficult for the poor people to prove the ownership because they don't file income tax returns and the true owner be found out.

Under the Benami Transactions Prohibition Act 1988 which was amended last year A person possessing Benami property would be sent to 7 years jail or imprisoned penalty and he would not be able to sell the property.

The government is also mulling to bring real estate under the GST and reduce/scrap stamp duty in the states so that flow of black money in this sector would also be reduced.