Jan 31, 2018

Shahrukh Khan Farmhouse in Alibaug Termed Benami Property by IT Department

The Income-Tax department has provisionally attached actor Shah Rukh Khan's farmhouse in Alibaug, Maharashtra terming it as a benami property. In the instant case, Mr. Khan had extended unsecured loan of Rs. 8.5 crores to Déjà vu farms. The unsecured loan was used by Déjà vu Farms for purchasing land. Later on the land was transferred to Deja Vu Farms Pvt Ltd which was controlled by the relatives of Mr. Khan.

In this case, Déjà vu farms acted as benamidar by holding the property for the future benefit of Mr. Khan. Mr. Khan acted as beneficiary in this case as he paid the consideration by way of advancing loan and the property was transferred to a Company which was controlled by his relatives. Therefore, the said transaction would fall under the definition of benami transaction under section 2(9) of the Prohibition of Benami Property Transactions Act, 1988.

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