The Prohibition of Benami Property Transactions Act, 1988

The Prohibition of Benami Property Transactions Act, 1988 is a law enacted by the Indian Parliament to prohibit benami transactions, which refers to the practice of holding property in the name of someone else, often to conceal the real ownership. The Act imposes penalties and fines for those who enter into benami transactions, as well as for those who abet or induce others to do so. The Act also establishes adjudicating authorities and appellate tribunals to handle cases related to benami transactions, and provides for the confiscation of benami properties. Additionally, the Act makes provisions for the recovery of any damages caused by benami transactions.