What is difference between ostensible owner and benami transaction?
Answers
Under Transfer of property act it is clearly mentioned that when the one person pays consideration & purchases the property in the name of another person the later is considered as ostensible owner & the transactionis benami transaction. Whereas, under the Benami Transaction Act it is prohibited.
ANSWER:
Ostensible owner and benami transactions are the key factors of transfer of property act.
EXPLANATION:
Ostensible owners are known as “Apparent Owners”. They are owner of the properties apparently. Benami are termed as “Without a name”. There are various scams have been accouring by these names.
Benami transactions are such monetary transaction where owners and financers are different. Transactions may be moveable or immoveable, tangibles or intangibles etc.
Ostensible owners also are the part of culprit there are various section and sub sections are provided for such owners.