Legal Question in Real Estate Law in India

Bank has provided me loan for the purchase of property . Is this a benami transaction? If no why? Sec. 2 (a) of benami act 1988 clearly definesa benami transaction as " any transaction in which property is transferred to one person for a consideration paid or provided by another person"


Asked on 10/16/10, 1:11 pm

1 Answer from Attorneys
Vishwa Arya Arya & Co.

sir in this case it is not a benami transaction in as much as you only have paid the consideration to the seller. Bank has sourced the money to you and not to the seller. Benami had been only if bank entered into an agreement with the seller to purchase the property in your name.

Read more
Answered on 10/16/10, 11:44 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in India