Amendment status not verified — confirm the current text below against the official source.
Short title, extent and commencement.—2[(1) This Act may be called the Prohibition of Benami Property Transactions Act, 1988.] (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) The provisions of sections 3, 5 and 8 shall come into force at once, and the remaining provisions of this Act shall be deemed to have come into force on the 19th day of May, 1988. 3[2. Definitions.— In this Act, unless the context otherwise requires,— (1) “Adjudicating Authority” means the Adjudicating Authority appointed under section 7; (2) “Administrator” means an Income-tax Officer as defined in clause (25) of section 2 of the Income-tax Act, 1961 (43 of 1961); (3) “Appellate Tribunal” means the Appellate Tribunal established under section 30; (4) “Approving Authority” means an Additional Commissioner or a Joint Commissioner as defined in clauses (1C) and (28C) respectively of section 2 of the Income-tax Act, 1961 (43 of 1961); (5) “attachment” means the prohibition of transfer, conversion, disposition or movement of property, by an order issued under this Act; (6) “authority” means an authority referred to in sub-section (1) of section 18; (7) “banking company” means a company to which the provisions of the Banking Regulation Act, 1949 (10 of 1949), applies and includes any bank or banking institution referred to in section 51 of that Act; (8) “benami property” means any property which is the subject matter of a benami transaction and also includes the proceeds from such property; (9) “benami transaction” means,— (A) a transaction or an arrangement— (a) where a property is transferred to, or is held by, a person, and the consideration for such property has been provided, or paid by, another person; and (b) the property is held for the immediate or future benefit, direct or indirect, of the person who has provided the consideration, except when the property is held by— (i) a Karta, or a member of a Hindu undivided family, as the case may be, and the property is held for his benefit or benefit of other members in the family and the consideration for such property has been provided or paid out of the known sources of the Hindu undivided family;