Crackdown on benami properties: Govt to make Aadhaar mandatory for real estate deals

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After making Aadhaar card mandatory for getting PAN and filing income tax returns, the government may soon be making the UIDAI-based authentication compulsory for real estate deals.

The move, which is seen as an effort to curb the use of black money for transactions in property dealings, will make Aadhaar-based authentication mandatory at the time of registration of documents such as sale, purchase and transfer of property.

According to a report in The Indian Express the government plans to amend Sections 32 and 32A of the Registration Act, 1908. “Every person presenting a document at the property registration office for registration, shall, whether executing or claiming under the same, undergo Aadhaar authentication.”

The department of land resources, under the Ministry of Rural Development, has already written to state governments and Union Territories, advising them to notify rules mandating consent-based Aadhaar authentication at the time of registration of documents, the report said.

Last month, Finance Minister Arun Jaitley had said example needs to be set to create a deterrent against use of anonymous people to hide ill-gotten wealth, amid some politicians and their family members coming under the scanner for alleged benami deals.

The government has taken steps under the stringent Benami Transactions (Prohibition) Amendment Act, 2016 that provides for confiscating properties of those who use name of other people to convert unaccounted wealth into white, Jaitley had said.

“Unless we can set some examples, we set down right deterrent against such kind of practices” can this practice of benami properties end, he added.

SOURCE: http://www.businesstoday.in/current/economy-politics/crackdown-on-benami-properties-aadhaar-mandatory-real-estate-deals/story/257624.html

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