SALE OF IMMOVABLE PROPERTY VALUE 72 LACS

KVR VENKATESAN (Querist) 07 October 2009 This query is : Resolved
pl let me know the procedure to be followed for sale of property valued at 72 lacs under income tax act, 1961?

Whether the Rule under sec 269UC comes into play for compulsory acquisition by Govvernment, in a case where the property valued at 72 lacs is located in a town with a population of 4 lacs?

Pl send your valued opinion urgently

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Raj Kumar Makkad (Expert) 08 October 2009
I think no rule under section 269UC comes in play in ur case.

adv. rajeev ( rajoo ) (Expert) 08 October 2009
It is not applicable. Purchaser will have to take the income tax clerance u/s 230Aof the IT.

A V Vishal (Expert) 08 October 2009
Rajeev

Your attention is drawn to the reply to the query.

Restrictions on registration of transfers of immovable property in certain cases.

230A. 58[Omitted by the Finance Act, 2001, w.e.f. 1-6-2001.]

A V Vishal (Expert) 08 October 2009
Venkatesan

It is not clear why the doubt whether 269UC is attracted in a sale of property worth 72.00 lacs has crept in your mind, 269UC refers to purchase/ acquisition of immoveable property by the Central Government hence you can go ahead with the deal since 269UC is not attracted in the instant case.