Income Tax Act, 2025
Section 1: Ins. by Act 23 of 1986, s. 34 (w.e.f. 131986).
1. Ins. by Act 23 of 1986, s. 34 (w.e.f. 131986).
763
(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
on which the agreement for transfer is made;
(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 on which the agreement for transfer is made, 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 agreement for 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 agreement for transfer, determined by adopting such rate of interest as may be prescribed in
this behalf;
(c) “appropriate authority” means an authority constituted under section 269UB to perform the
functions of an appropriate authority under this Chapter;
(d) “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 to be transferred together with any machinery, plant, furniture,
fittings or other things, such machinery, plant, furniture, fittings or other things also.
Explanation.—For the purposes of this sub-clause, “land, building, part of a building, machinery,
plant, furniture, fittings and other things” include any rights therein;
(ii) any rights in or with respect to any land or any building or a part of a building (whether or
not including any machinery, plant, furniture, fittings or other things therein) which has been
constructed or which is to be constructed, accruing or arising from any transaction (whether by
way of becoming a member of, or acquiring shares in, a co-operative society, company or other
association of persons or by way of any agreement or any arrangement of whatever nature), not
being a transaction by way of sale, exchange or lease of such land, building or part of a building;
(e) “person interested”, in relation to any immovable property, includes all persons claiming, or
entitled to claim, an interest in the consideration payable on account of the vesting of that property in
the Central Government under this Chapter;
(f) “transfer”,—
(i) in relation to any immovable property referred to in sub-clause (i) of clause (d), means
transfer of such property by way of sale or exchange or lease for a term of not less than twelve
years, and includes allowing the possession of such property to be taken or retained in part
performance of a contract of the nature referred to in section 53A of the Transfer of Property Act,
1882 (4 of 1882).
Explanation.—For the purposes of this sub-clause, a lease which provides for the extension of the
term thereof by a further term or terms shall be deemed to be a lease for a term of not less than twelve
years, if the aggregate of the term for which such lease is to be granted and the further term or terms for
which it can be so extended is not less than twelve years;
(ii) in relation to any immovable property of the nature referred to in sub-clause (ii) of
clause (d), means the doing of anything (whether by way of admitting as a member of or by way
of transfer of shares in a co-operative society or company or other association of persons or by
way of any agreement or arrangement or in any other manner whatsoever) which has the effect of
transferring, or enabling the enjoyment of, such property.
269UB. Appropriate authority.—(1) The Central Government may, by order, publish in the Official
Gazette,—
(a) constitute as many appropriate authorities, as it thinks fit, to perform the functions of an
appropriate authority under this Chapter; and
764
(b) define the local limits within which the appropriate authorities shall perform their functions
under this Chapter.
(2) An appropriate authority shall consist of three persons, two of whom shall be members of the
Indian Income-tax Service, Group A, holding the post of Commissioner of Income-tax or any equivalent
or higher post, and one shall be a member of the Central Engineering Service, Group A, holding the post
of Chief Engineer or any equivalent or higher post.
(3) In respect of any function to be performed by an appropriate authority under any provision of this
Chapter in relation to any immovable property referred to in section 269UC, the appropriate authority
referred to therein shall,—
(a) in a case where such property is situate within the local limits of the jurisdiction of only one
appropriate authority, be such appropriate authority;
(b) in a case where such property is situate within the local limits of the jurisdiction of two or
more appropriate authorities, be the appropriate authority empowered to perform such functions in
relation to such property in accordance with the rules made in this behalf by the Board under
section 295.
Explanation.—For the purposes of this sub-section, immovable property being rights of the nature
referred to in sub-clause (ii) of clause (d) of section 269UA in, or with respect to, any land or any
building or part of a building which has been constructed or which is to be constructed shall be deemed to
be situate at the place where the land is situate or, as the case may be, where the building has been
constructed or is to be constructed.
269UC.Restrictions on transfer of immovable property.—(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
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. 11995).
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
on which the agreement for transfer is made;
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 on which the agreement for transfer is made, 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 agreement for 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 agreement for transfer, determined by adopting such rate of interest as may be prescribed in
this behalf;
“appropriate authority” means an authority constituted under section 269UB to perform the
functions of an appropriate authority under this Chapter;
“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 to be transferred together with any machinery, plant, furniture,
fittings or other things, such machinery, plant, furniture, fittings or other things also.
Explanation.—For the purposes of this sub-clause, “land, building, part of a building, machinery,
plant, furniture, fittings and other things” include any rights therein;
any rights in or with respect to any land or any building or a part of a building (whether or
not including any machinery, plant, furniture, fittings or other things therein) which has been
constructed or which is to be constructed, accruing or arising from any transaction (whether by
way of becoming a member of, or acquiring shares in, a co-operative society, company or other
association of persons or by way of any agreement or any arrangement of whatever nature), not
being a transaction by way of sale, exchange or lease of such land, building or part of a building;
“person interested”, in relation to any immovable property, includes all persons claiming, or
entitled to claim, an interest in the consideration payable on account of the vesting of that property in
the Central Government under this Chapter;
“transfer”,—
in relation to any immovable property referred to in sub-clause
of clause
in relation to any immovable property of the nature referred to in sub-clause
of
clause
The Central Government may, by order, publish in the Official
Gazette,—
constitute as many appropriate authorities, as it thinks fit, to perform the functions of an
appropriate authority under this Chapter; and
764
define the local limits within which the appropriate authorities shall perform their functions
under this Chapter.
An appropriate authority shall consist of three persons, two of whom shall be members of the
Indian Income-tax Service, Group A, holding the post of Commissioner of Income-tax or any equivalent
or higher post, and one shall be a member of the Central Engineering Service, Group A, holding the post
of Chief Engineer or any equivalent or higher post.
In respect of any function to be performed by an appropriate authority under any provision of this
Chapter in relation to any immovable property referred to in section 269UC, the appropriate authority
referred to therein shall,—
in a case where such property is situate within the local limits of the jurisdiction of only one
appropriate authority, be such appropriate authority;
in a case where such property is situate within the local limits of the jurisdiction of two or
more appropriate authorities, be the appropriate authority empowered to perform such functions in
relation to such property in accordance with the rules made in this behalf by the Board under
section 295.
Explanation.—For the purposes of this sub-section, immovable property being rights of the nature
referred to in sub-clause
of clause
of section 269UA in, or with respect to, any land or any
building or part of a building which has been constructed or which is to be constructed shall be deemed to
be situate at the place where the land is situate or, as the case may be, where the building has been
constructed or is to be constructed.
269UC.Restrictions on transfer of immovable property.—
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
at least 2[four months] before the intended date of transfer.
The agreement referred to in sub-section
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.
Every statement referred to in sub-section
shall,—
be in the prescribed form;
set forth such particulars as may be prescribed; and
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[
Where it is found that the statement referred to in sub-section
is defective, the appropriate
authority may intimate the defect to the parties concerned and give them an opportunity to rectify the
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. 11995).