Benami Act violators may face 7 years jail, fine: I-T dept
The I-T Department has warned that people who undertake Benami transactions will face rigorous imprisonment of up to 7 years besides being liable to pay fine of around 25% of the fair market value of Benami properties. Further, it said Benami properties may be confiscated and this will be in addition to action under other laws like Income Tax Act.