Q. whether any tax liability will arise under the Benami property act or income tax act if a person pool funds from mother, husband, and daughter bank account to purchase property worth (stamp duty value 1250000rs ).

Question

whether any tax liability will arise under the Benami property act or income tax act if a person pool funds from mother, husband, and daughter bank account to purchase property worth (stamp duty value 1250000rs ). as benami property act allowed only parents and husband to purchase property under benami property act. as in my account i  have 450000rs in bank account  and i need 800000rs . can i receive cheque from husband and daughters bank account to pool the funds 

Answer 1

It should not be kindly refer to the definition of Benami transaction given in section 2(9) of the Benami law.