Ostensible Ownership Vis a Vis Benami Transaction in India
8 Pages Posted: 21 Dec 2012
Date Written: December 20, 2012
Property is one of the essential elements besides food & clothes to lead life for human being. Besides essential need now a day’s people are more interested in investing in property. The people are more interested in investing property besides gold, the reason being that it is always profitable as you can reside in the property or can give it on lease or can sale it in higher price. The reason is that the rates of property are increasing day by day. Many of the people purchase the property for one price & after 6 months or 1 year sale it for higher price.
Ostensible Ownership is the concept which allows family members to purchase property in the name of another member in the family for the future protection of the person. The concept of ostensible owner is mentioned under sec 41 of Transfer of Property Act.
The author in this research paper has critically analyzed the concept of ostensible ownership. The author answer the following research question i.e. - Transfer of property Act, 1882 allows to purchase the property in the name of another person which is known as ostensible ownership whereas the Benami Transaction Act, 1988 which is having the same meaning as of ostensible owner under transfer of property act then why purchase of the property in the name of another is permitted under Transfer of Property Act & is prohibited under Benami Transaction Act?
The Objective of Research: 1. To study the concept of Ostensible owner Vis a Vis Benami Transaction 2. To critically analyse the benami Transaction Act 3. To make recommendations
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