Benami Transactions (Prohibition) Amendment Bill is likely to be passed in the monsoon session of the Parliament, a top government official said today.
"It was referred to the Finance Standing Committee of Parliament and report has been received and in the monsoon session of Parliament it is likely to be passed," said Union Revenue Secretary Hasmukh Adhia here.
The bill seeks to amend the definition of benami transactions in the Benami Transactions (Prohibition) Act, 1988, and create an appellate tribunal, among other things.
"The Act, which was in place since 1988, has not been operational till now because it has several manufacturing defects. To rectify it, the present government has brought the detailed Amendment Bill, which is under consideration in the Lok Sabha and Rajya Sabha," he said.
Adhia was speaking at a seminar on Income Declaration Scheme (IDS), which was also attended by Union Finance Minister Arun Jaitley and Chief Minister Anandiben Patel.
Once the bill is passed, Benami property seized by the authorities will be confiscated by the government, he said.
IDS gives an opportunity to declare Banami property by paying 45 per cent tax till September 30, he noted.
"In the scheme, there is a provision that once you declare Benami property, you can get it on your name in one year. So legally, you can get it done on your name and lead peaceful life. We have provided immunity from all provisions of the IT Act and Benami Act," he said.
IDS has several benefits which will be available only till September 30, he pointed out.
"It is not that declaration is only to be made on cash, but even immovable property, jewellery, or even company shares, Benami property, have been covered," he said.
"To ensure secrecy in declaration, it is only to be made to one officer and nobody else. And this information will not be shared by anyone else," he said.
