PBPTA lawyers in delhi

Prohibition of Benami Property Transactions Act(PBPTA) is the Special Act and its objective is to seize the benami property besides prosecuting those indulging in such activities. Benami transactions are hardly entered into with complete strangers. Usually, they are entered into with blood relatives or family members or some good friend with whom a person shares a fiduciary relationship. Another instance where majorly Benami transactions take place is landlord and tenant or master and his servant where the relationship is influenced by other considerations Benami transactions are one of the notorious ways to deal with black money killing accountability of economy. These transactions pump into economy back money through circulation and investments. This is majorly an offspring of corruption prevalent in Indian society and other societies worldwide. The transferring property in the name of relatives, shows net total estate to be lower, thus assets on paper are lower than actual assets and thus assets are subject to lower tax caps. It also divides the assets into smaller parts and thus evading the tax. It includes not only income tax but also the wealth tax, gift tax and estate duty when it was in force. Not only Indian economy but the whole world is facing the major problem of unaccounted money. Supplying consideration for the purchase of property in someone else’s name who allow the lender, his name to safeguard interest acts one of the best ways to hide black money generated from criminal or corrupt practices. By buying property in the name of benamidar who is just for the sake of his or her name, real owner can own much more property than permitted under land ceiling laws.

Benami transaction is not always a direct transactions. It is very difficult to segregate and totally eradicate from the society. It is always in disguised. Motivation to enter into Benami transaction might not always be illegal or dishonest. In India, there is an age-old system of buying property in names of close relatives and family members. Not necessarily these families are HUFs and they have the genuine intention of buying property in someone else’s name because of some tradition or family custom or merely as a sign of goodwill. It is a normal practice in Indian families, particularly Hindu families, which may not be technically HUFs, where elders contribute substantial funds out of their PF, gratuity, lifelong savings which can by no means be termed as black or tainted money or even to avoid any other liability. even if the immovable property is purchased in the name of a younger member of the family under a genuine impression they will also have a right to the property as well as a right to live in them.

After passing of the Benami Act, such bonafide contributors of funds lost all their rights in the property and even to defend a claim. In many cases, the registered owner, who is a younger member of the family, has thrown out the real owner, who is generally an elderly person or parents, from the property by invoking Section 4 of the Act as it was made effective retrospectively. In such cases, instead of targeting the transaction itself and making it irreversible, there ought to have been a provision for the enquiry into the source of funds and the purpose of the transaction and to keep it out of irreversibility if found to be genuine.

Thus due to the nature of the relationship between parties, there was limited scope for litigation in the beginning but nowadays a number of cases are increasing day by day as there are so many individuals, companies, corporate houses , Trust, NGOs which are involved in the benami transactions and after the steps taken by the government to curb the black money like demonetisation the number of case have increased tremendously. In this scenario every client needs a specialised consultant and lawyers who can advise and guide them in proper way since the inception of cases by the authority i.e. Initiating Officer. NN legal partners is a best law firm loaded with PBPTA lawyers for benami property cases in India who are expert and having vast experiences in the field of benami property and handled number of cases and also appearing on regular basis before Adjudicating Authority, Appellate Tribunal under the Prohibition of Benami Property Transactions Act(PBPTA). NN Legal Partners is located in New Delhi and associated with the top lawyers and law firms almost all major cities in India. We also provide a full range of legal services covering among others corporate, establishment of Start-up Companies, economic offences like Prevention of Money Laundering Act(PMLA),Prohibition of Benami Property Transactions Act(PBPTA),Foreign Exchange Management Act(FEMA) ,Customs Act, Goods and Services Tax Act(GST) litigation and specialist legal services to high profile individual, domestic and international clients. We continually guide our clients through complex and dynamic regulatory system and provide sound and best legal advice on every aspect of doing business in India. We also maintain close relationships with reputable attorneys and international law firms to better provide multi and cross-national client services for our clients. The legal associates of the firm spread in more than 25 cities like Mumbai, Kolkata, Chennai, Ahmedabad, Allahabad, Bengaluru, Bhopal, Bilaspur, Chandigarh, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Indore, Jabalpur, Jaipur, Kanpur, Lucknow, Nagpur, Patna, Pune, Raipur, Ranchi ,Surat and so on. This network of alliances gives the benefit to the clients to deal with all kind of matters across the country under one roof.

For any query or assistance you may call us at 9958570167 or mail to info@nnlegalpartners.com