Seeking to tackle black money transactions in real estate, the Lok Sabha passed the Benami Transactions Amendment Bill 2015, on Wednesday.
Union Finance Minister, Arun Jaitley tabled the Bill in the Upper House on Wednesday.
The amendments in the Bill will allow the government to confiscate unlisted properties and prosecute those indulging in such activities. Arun Jaitley, however, assured that genuine religious trusts will be kept out of the purview of the legislation.
The Minister warned that exemption to such entities cannot be a pretext for tax evasion, adding, “If you make any illegal business out of it... if you create a fake religious sect and start keeping benami property, then government won’t exempt it, so please don’t do that.”
Those who declare their unlisted assets voluntarily under the Income Declaration Scheme will get immunity, when the Bill becomes an Act.
Responding to questions of members on why the government has not come out with a new law in place of the 1988 Act, the Jaitley said in Lok Sabha such a move would have given “immunity to persons who acquired benami properties during the period from 1988 to 2016”.
(With inputs from PTI.)
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