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What is Order by appropriate authority for purchase by Central Government of immovable property? What is Vesting of property in Central Government? Section 269UF and 269UG of Income Tax Act 1961

Consideration for purchase of immovable property by Central Government and Payment or deposit of consideration are defined under section 269UF and 269UG of Income Tax Act 1961. Provisions under these Sections are:

Section 269UF of Income Tax Act "Consideration for purchase of immovable property by Central Government Payment or deposit of consideration"

Section 269UF. (1) Where an order for the purchase of any immovable property by the Central Government is made under sub-section (1) of section 269UD, the Central Government shall pay, by way of consideration for such purchase, an amount equal to the amount of the apparent consideration.

(2) Notwithstanding anything contained in sub-section (1), where, after the agreement for the transfer of the immovable property referred to in that sub-section has been made but before the property vests in the Central Government under section 269UE, the property has been damaged (otherwise than as a result of normal wear and tear), the amount of the consideration payable under that sub-section shall be reduced by such sum as the appropriate authority, for reasons to be recorded in writing, may by order determine.

Section 269UG of Income Tax Act "Payment or deposit of consideration"

269UG. (1) The amount of consideration payable in accordance with the provisions of section 269UF shall be tendered to the person or persons entitled thereto, within a period of one month from the end of the month in which the immovable property concerned becomes vested in the Central Government under sub-section (1), or, as the case may be, sub-section (6), of section 269UE :

 

Provided that if any liability for any tax or any other sum remaining payable under this Act, the Wealth-tax Act, 1957 (27 of 1957), the Gift-tax Act, 1958 (18 of 1958), the Estate Duty Act, 1953 (34 of 1953), or the Companies (Profits) Surtax Act, 1964 (7 of 1964), by any person entitled to the consideration payable under section 269UF, the appropriate authority may, in lieu of the payment of the amount of consideration, set off the amount of consideration or any part thereof against such liability or sum, after giving an intimation in this behalf to the person entitled to the consideration.

(2) Notwithstanding anything contained in sub-section (1), if any dispute arises as to the apportionment of the amount of consideration amongst persons claiming to be entitled thereto, the Central Government shall deposit with the appropriate authority the amount of consideration required to be tendered under sub-section (1) within the period specified therein.

(3) Notwithstanding anything contained in sub-section (1), if the person entitled to the amount of consideration does not consent to receive it, or if there is any dispute as to the title to receive the amount of consideration, the Central Government shall deposit with the appropriate authority the amount of consideration required to be tendered under sub-section (1) within the period specified therein :

Provided that nothing herein contained shall affect the liability of any person who may receive the whole or any part of the amount of consideration for any immovable property vested in the Central Government under this Chapter to pay the same to the person lawfully entitled thereto.

(4) Where any amount of consideration has been deposited with the appropriate authority under this section, the appropriate authority may, either of its own motion or on an application made by or on behalf of any person interested or claiming to be interested in such amount, order the same to be invested in such Government or other securities as it may think proper, and may direct the interest or other proceeds of any such investment to be accumulated and paid in such manner as will, in its opinion, give the parties interested therein the same benefits therefrom as they might have had from the immovable property in respect whereof such amount has been deposited or as near thereto as may be.

   
 

Income Tax Act 1961

What is Mode of repayment of Special Bearer Bonds, 1991? What is Commencement of Chapter? What are the Income-tax Act, 1961-2015 Definitions? Section 269tt, 269U and 269UA of Income Tax Act 1961

What is Appropriate authority? What are the Restrictions on transfer of immovable property? Section 269UB and 269UC of Income Tax Act 1961

What is Order by appropriate authority for purchase by Central Government of immovable property? What is Vesting of property in Central Government? Section 269UD and 269UE of Income Tax Act 1961

What is Order by appropriate authority for purchase by Central Government of immovable property? What is Vesting of property in Central Government? Section 269UF and 269UG of Income Tax Act 1961

What is Re-vesting of property in the transferor on failure of payment or deposit of consideration? What is Powers of the appropriate authority? Section 269UH and 269UI of Income Tax Act 1961

What is Rectification of mistakes? What is Restrictions on revocation or alteration of certain agreements for the transfer of immovable property or on transfer of certain immovable property.? Section 269UJ and 269UK of Income Tax Act 1961

What is Restrictions on registration, etc., of documents in respect of transfer of immovable property? What is Immunity to transferor against claims of transferee for transfer? Section 269UL and 269UM of Income Tax Act 1961

What is Order of appropriate authority to be final and conclusive? What is Chapter not to apply to certain transfers? What is the meaning Chapter not to apply where transfer of immovable property effected after certain date Section 269UN, 269UO and 269UP of Income Tax Act 1961

 

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