What is Statement to be furnished in respect of transfers of immovable property? What is the meaning of Chapter not to apply to transfers to relatives? Section 269P and 269Q of Income Tax Act 1961

Statement to be furnished in respect of transfers of immovable property and Chapter not to apply to transfers to relatives are defined under section 269P and 269Q of Income Tax Act 1961. Provisions under these Sections are:

Section 269P of Income Tax Act "Statement to be furnished in respect of transfers of immovable property"

Section 269P. 69(1) Notwithstanding anything contained in any other law for the time being in force, no registering officer appointed under the Registration Act, 1908 (16 of 1908), shall register any document which purports to transfer any immovable property belonging to any person unless a statement in duplicate in respect of such transfer, in the prescribed form and verified in the prescribed manner and setting forth such particulars as may be prescribed, is furnished to him along with the instrument of transfer :

Provided that the provisions of this sub-section shall not apply in relation to any document which purports to transfer any immovable property for an apparent consideration not exceeding fifty thousand rupees.

Explanation.-For the purposes of this proviso, "apparent consideration" shall have the meaning assigned to it in clause (a) of section 269A subject to the modifications that for the expressions "immovable property transferred" and "instrument of transfer" occurring in that clause, the expressions "immovable property purported to be transferred" and "document purporting to transfer such immovable property" shall, respectively, be substituted.

 

(2) The registering officer shall, at the end of every fortnight, forward to the competent authority,-

(a) one set of the statements received by him under sub-section (1) during the fortnight ; and

(b) 70a return in the prescribed form and verified in the prescribed manner and setting forth such particulars as may be prescribed in respect of documents of the nature referred to in sub-section (1) which have been registered by him during the fortnight.

 

Section 269Q of Income Tax Act "Chapter not to apply to transfers to relatives"

Section 269Q. The provisions of this Chapter shall not apply to or in relation to any transfer of immovable property made by a person to his relative on account of natural love and affection for a consideration which is less than its fair market value if a recital to that effect is made in the instrument of transfer.

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