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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO: 1248
ANSWERED ON:  22.12.2017
Property and Declaration Order
UDIT RAJ
Will the Minister of



FINANCE be pleased to state:-


(a) whether the Government proposes to issue a property and declaration order for all property, including land, building and flats and shares for declaration to authorities and if so, the details thereof; and
(b) whether the Government also proposes to take over all undeclared property or shares after a cut off date and if so, the details thereof?


ANSWER
MINISTER OF STATE FOR FINANCE
(SHRI SHIV PRATAP SHUKLA)

(a) and (b): Presently, there is no such proposal.

However, Prohibition of Benami Properties Transaction Act 1988 was amended with a view to, inter alia, enable attachment and confiscation of benami property, and provide provision for prosecution of benamidars, and beneficial owners of the benami property. Benami Transactions (Prohibition) Amendment Act, 2016, came into force w.e.f. 1st November 2016. The amended Act defines benami transactions and benami property. The Act provides for attachment and confiscation of benami property and prosecution, thus blocking a major avenue for generation and holding of tax evaded money in the form of benami property. The Income tax Department has set up 24 dedicated Benami Prohibition Units across India for taking effective action under the Act.


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