The Uttarakhand Benami Transaction (Prohibition) Act, 2016

The Uttarakhand Benami Transaction (Prohibition) Act, 2016, is a legislative measure designed to curb the practice of "benami" transactions, where property is held by one person but paid for by another to hide the true ownership. The Act prohibits such transactions to prevent tax evasion and the circulation of black money. It applies to all persons, including individuals, companies, and Hindu Undivided Families, with specific exemptions for property held in the name of close relatives like spouses or siblings. For the ordinary citizen, this law mandates transparency in property ownership and establishes strict penalties, including imprisonment and confiscation of property, for those engaging in illicit proxy ownership arrangements.

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