Benami property/ Best law firm in Coimbatore/ Best advocates in Coimbatore/Best law service in Coimbatore/ Best legal consultation in Coimbatore/ Best legal services in Coimbatore/ Best lawyers in Coimbatore/ Online legal consultation. Benami means no name or without name. Benami properties are those that are held by an owner through proxies. The property is purchased in the name of or held in the name of a person who has neither paid for it nor actually enjoys it. It may even be held in the name of a non-existent person. However, a benami property is not a property without a legal owner. Instead, it is a property bought by a person, not under his or her name. It is rather held in the name of spouse or child or just anyone for which the amount is paid out of known sources of income. In such a transaction, the person who finances the purchase of the property is its real owner and not the person under whose name it has been purchased.The amendment that came into effect on November 1, 2016, inserted a subsection 2 in section 3 of part 3 of the act. It specified that whoever enters a Benami transaction shall be punishable with imprisonment for a term of up to three years or a fine or both. A benami transaction traditionally was recognized as one where property was transferred from one party to another, while the consideration was paid by a third party. These transactions were recognized historically, but under the 1988 law, they were held to be illegal. In 2016, the law was armed with stricter punishments. We at Saanvika Legal Associates offer various legal services such as Trust deed, Financial law, Insurance law, and other laws including Environment, Consumer, Property, Banking, Tax, Cyber Constitutions, Labor, Civil, Criminal, Family, Property, registration, Getting nocs, and so on. Also, you can consult all aspects related to Legal notice, documentation, Legal registration, Property organization, forming companies, Family legal consultation, Civil and Criminal legal consultant, and Litigation of finance and property.