Report No. 57
5.2. Summary of present position-in general.-
A few basis points concerning benami transactions may be stated, as follows:
(a) Benami transfer or transaction means the transfer by or to a person who acts only as the ostensible owner in place of the real owner whose name is not disclosed;
(b) The question whether such transfer or transaction was real or benami depends upon the intention of the beneficiary;
(c) The real owner in such cases may be called the beneficiary, and the ostensible owner the benamidar.1
'A' purchases property in the name of his relation 'B'. 'A' supplies the consideration and 'B' merely lends his name. 'A' is the beneficiary and 'B' his benamidar.
1. Gour Hindu Code, (1938), p. 726, para. 218.