Benami Transactions Informants can get reward up to Rs. One crore under the Benami Transactions Informants Reward Scheme 2018

Benami Transactions Informants can get reward up to Rs. One crore under the Benami Transactions Informants Reward Scheme 2018

The CBDT has introduced Benami Transactions Informants Reward Scheme 2018 for the reward scheme for informants giving information of benami property actionable under Prohibition of Benami Property Transactions Act, 1988, as amended by Benami Transactions (Prohibition) Amendment Act, 2016.

Under the Scheme an informant can get reward up to Rs. One crore for giving specific information of benami property. The identity of the informant shall be kept confidential.

For the purpose of this scheme, ‘Informant’ means a person or group of individuals who have been allotted ‘Informant Code’ and have given specific information in Annexure-A about one or more movable or immovable benami property(ies) of which the fair market value, as defined in the Act, of movable property, and circle rate, as defined in this Scheme, of immovable property is more than Rs. One crore.

A person shall not be entitled to any reward under the scheme if he is not an informant under the scheme, even if such person has furnished specific information of benami property in any other manner, e.g., through letter, e-mail, CD, Whats App, SMS, phone, posting in social networking site or publishing letter in newspaper or any other media.

‘Specific information’ under the scheme shall include only the following:
(i) verifiable particulars of the benami property;
(ii) name and address of the person in whose name the property has been acquired (benamidar); and
(iii) credible basis including supporting evidence for the information that the property was actually benami property.

Any person who wants to give specific information in expectation of reward may contact the Joint Commissioner of Income Tax/Additional Commissioner of Income Tax (Benami Prohibition) having jurisdiction over the place where the benami property is situated.

An informant under the scheme can be granted interim & final reward by the competent authority.

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