Section 269UC
Restrictions on transfer of immovable property. Repealed
About this Act
An Act to consolidate and amend the law relating to income-tax and super-tax
(1) Notwithstanding anything contained
in the Transfer of Property Act, 1882 (4 of 1882), or in any other law for the time being in force, 1
no
transfer of any immovable property in such area and of such value exceeding five lakh rupees, as may be
prescribed, shall be effected except after an agreement for transfer is entered into between the person
who intends transferring the immovable property (hereinafter referred to as the transferor) and the person
to whom it is proposed to be transferred (hereinafter referred to as the transferee) in accordance with the
provisions of sub-section (2) at least 2
four months before the intended date of transfer.
(2) The agreement referred to in sub-section (1) shall be reduced to writing in the form of a statement by each of the parties to such transfer or by any of the parties to such transfer acting on behalf of himself and on behalf of the other parties.
(3) Every statement referred to in sub-section (2) shall,—
(i) be in the prescribed form;
(ii) set forth such particulars as may be prescribed; and
(iii) be verified in the prescribed manner,
and shall be furnished to the appropriate authority in such manner and within such time as may be prescribed, by each of the parties to such transaction or by any of the parties to such transaction acting on behalf of himself and on behalf of the other parties.
3 (4) Where it is found that the statement referred to in sub-section (2) is defective, the appropriate authority may intimate the defect to the parties concerned and give them an opportunity to rectify the
defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the appropriate authority may, in its discretion, allow and if the defect is not rectified within the said period of fifteen days, or as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Chapter, the statement shall be deemed never to have been furnished.
(2) The agreement referred to in sub-section (1) shall be reduced to writing in the form of a statement by each of the parties to such transfer or by any of the parties to such transfer acting on behalf of himself and on behalf of the other parties.
(3) Every statement referred to in sub-section (2) shall,—
(i) be in the prescribed form;
(ii) set forth such particulars as may be prescribed; and
(iii) be verified in the prescribed manner,
and shall be furnished to the appropriate authority in such manner and within such time as may be prescribed, by each of the parties to such transaction or by any of the parties to such transaction acting on behalf of himself and on behalf of the other parties.
3 (4) Where it is found that the statement referred to in sub-section (2) is defective, the appropriate authority may intimate the defect to the parties concerned and give them an opportunity to rectify the
defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the appropriate authority may, in its discretion, allow and if the defect is not rectified within the said period of fifteen days, or as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Chapter, the statement shall be deemed never to have been furnished.
Notes
1. Subs. by Act 22 of 1995, s. 46, for “ no transfer of any immovable property of such value exceeding five lakh rupees as
may be prescribed” (w.e.f. 1-7-1995).
2. Subs. by Act 38 of 1993, s. 33, for “three months” (w.e.f. 1-6-1993).
3. Ins. by Act 22 of 1995, s. 46 (w.e.f. 1-7-1995).
2. Subs. by Act 38 of 1993, s. 33, for “three months” (w.e.f. 1-6-1993).
3. Ins. by Act 22 of 1995, s. 46 (w.e.f. 1-7-1995).