Income Tax Act, 1961
Section 3: Ins. by s. 2, ibid, (w.e.f. 11982).
3. Ins. by s. 2, ibid, (w.e.f. 11982).
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(2) in relation to any immovable property transferred, being immovable property of the nature
referred to in sub-clause (ii) of clause (e), means,—
(i) in a case where the consideration for the transfer consists of a sum of money only,
such sum;
(ii) in a case where the consideration for the transfer consists of a thing or things only, the
price that such thing or things would ordinarily fetch on sale in the open market on the date of
the transfer;
(iii) in a case where the consideration for the transfer consists of a thing or things and a
sum of money, the aggregate of the price that such thing or things would ordinarily fetch on
sale in the open market on the date of the transfer and such sum,
and where the whole or any part of the consideration for such transfer is payable on any date or dates
falling after the date of such transfer, the value of the consideration payable after such date shall be
deemed to be the discounted value of such consideration, as on the date of such transfer, determined
by adopting the rate of interest at eight per cent per annum.;]
(b) “competent authority” means 1[a 2[Joint] Commissioner] authorised by the Central
Government under section 269B to perform the functions of a competent authority under this
Chapter;
(c) “court” means a principal civil court of original jurisdiction unless the Central Government
has appointed (as it is hereby authorised to do) any special judicial officer within any specified local
limits to perform the functions of the court under this Chapter;
3[(d) “fair market value”,—
(i) in relation to any immovable property transferred by way of sale or exchange, being
immovable property of the nature referred to in sub-clause (i) of clause (e), means the price that
the immovable property would ordinarily fetch on sale in the open market on the date of
execution of the instrument of transfer of such property;
(ii) in relation to any immovable property transferred by way of lease, being immovable
property of the nature referred to in sub-clause (i) of clause (e), means the premium that such
transfer would ordinarily fetch in the open market on the date of execution of the instrument of
transfer of such property, if the consideration for such transfer had been by way of premium only;
(iii) in relation to any immovable property transferred, being immovable property of the
nature referred to in sub-clause (ii) of clause (e), means the consideration in the form of money
that such transfer would ordinarily fetch in the open market on the date of the transfer, if such
transfer had been made only for consideration in money;]
(e) 4[“immovable property” means,—
(i) any land or any building] or part of a building, and includes, where any land or any
building or part of a building is transferred together with any machinery, plant, furniture, fittings
or other things, such machinery, plant, furniture, fittings or other things also.
1. Subs. by Act 3 of 1989, s. 48, for “an Assistant Commissioner of Income-tax” (w.e.f. 11988).
in relation to any immovable property transferred, being immovable property of the nature
referred to in sub-clause
of clause
in a case where the consideration for the transfer consists of a sum of money only,
such sum;
in a case where the consideration for the transfer consists of a thing or things only, the
price that such thing or things would ordinarily fetch on sale in the open market on the date of
the transfer;
in a case where the consideration for the transfer consists of a thing or things and a
sum of money, the aggregate of the price that such thing or things would ordinarily fetch on
sale in the open market on the date of the transfer and such sum,
and where the whole or any part of the consideration for such transfer is payable on any date or dates
falling after the date of such transfer, the value of the consideration payable after such date shall be
deemed to be the discounted value of such consideration, as on the date of such transfer, determined
by adopting the rate of interest at eight per cent per annum.;]
“competent authority” means 1[a 2[Joint] Commissioner] authorised by the Central
Government under section 269B to perform the functions of a competent authority under this
Chapter;
“court” means a principal civil court of original jurisdiction unless the Central Government
has appointed (as it is hereby authorised to do) any special judicial officer within any specified local
limits to perform the functions of the court under this Chapter;
3[
“fair market value”,—
in relation to any immovable property transferred by way of sale or exchange, being
immovable property of the nature referred to in sub-clause
of clause
in relation to any immovable property transferred by way of lease, being immovable
property of the nature referred to in sub-clause
of clause
in relation to any immovable property transferred, being immovable property of the
nature referred to in sub-clause
of clause
4[“immovable property” means,—
any land or any building] or part of a building, and includes, where any land or any
building or part of a building is transferred together with any machinery, plant, furniture, fittings
or other things, such machinery, plant, furniture, fittings or other things also.
1. Subs. by Act 3 of 1989, s. 48, for “an Assistant Commissioner of Income-tax” (w.e.f. 11988).