5. With reference to the ‘Prohibition of Benami Property Transactions Act, 1988 (PBPT Act)’,
consider the following statements:
- 1. A property transaction is not treated as a benami transaction if the owner of the Property is not aware of the transaction.
- 2. Properties held benami are liable for confiscation by the Government.
- 3. The Act provides for three authorities for investigations but does not provide for any appellate mechanism.
Which of the statements given above is/are correct?