Shah Rukh Khans Alibaug bungalow provisionally attached by IT department under Benami Act

Shah Rukh Khan's Alibaug bungalow provisionally attached by I-T department under Benami Act

The farmhouse, spread over an area of 19,960 sq meters, is a luxury property, equipped with amenities such as a swimming pool, a beach, and private helipad.

New Delhi: The Income Tax department has provisionally attached Deja vu Farms Pvt Ltd at Alibaug, owned by Bollywood actor Shah Rukh Khan, media reports said on Wednesday.

Reports said that the notice to attach Khan’s Alibaug bungalow was issued as per the provisions of Prohibition of Benami Property transactions Act in December.

The Alibaug farmhouse, spread over an area of 19,960 sq meters, is a luxury property, equipped with amenities such as a swimming pool, a beach, and private helipad.

Why was the property attached?

As per the Maharashtra Tenancy and Agricultural Lands Act, transfer of agricultural lands to non-agriculturists is not possible without the permission of the collector or state government. The Chennai Express star reportedly bought the Alibag property for agricultural purposes but built a farmhouse instead.

Quoting I-T officials, media reports said that the circle rate of the attached property is Rs 146.7 million, though the market price would be five times more.

What is Benami Act?

Benami literally means ‘without a name’. An asset without a legal owner or a fictitious owner is called ‘benami’.

The original Benami Act was introduced in 1988 for prevention of black money and was amended in 201. The Act provides for provisional attachment and subsequent confiscation of benami properties, whether movable or immovable.

It also allows for prosecution of the beneficial owner, the benamidar and the abettor to benami transactions, which may result in rigorous imprisonment up to 7 years and a fine of up to 25 percent of fair market value of the property.

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