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Report No. 57

5.3. Effect of benami transfer.-

The effect of a benami transfer is as follows1:-

(a) A person does not acquire any interest in property by merely lending his name;

(b) The benamidar has no beneficial interest though he may represent the legal owner as to third persons.2

(c) A benami transaction is legal, except in certain specified situations.

1. Gour Hindu Code, (1938), p. 726, para. 219.

2. See paras. 2.11 to 2.14, supra.

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