SUBSCRIBE(free)-Daily Updates (Click Verification Link Received in Your Email)

Rule 48L of Income Tax Rules 1962: Statement to be furnished under section 269UC(3)

Rule 48L : Statement to be furnished under section 269UC(3)
(Part XC : Purchase of Immovable Properties under Chapter XXC)

(1) The statement required to be furnished to the appropriate authority under sub-section (3) of section 269UC shall be in Form No. 37-I and shall be signed and verified in the manner indicated therein by each of the parties to the transfer referred to in sub-section (1) of that section or by any of the parties to such transfer acting on behalf of himself and on behalf of the other parties.

(2) The statement in Form No. 37-I shall be furnished, in duplicate, to the appropriate authority—

(a) before the 30th day of October, 1987, in a case where the agreement for transfer is entered into before the coming into force of Chapter XXC in the areas comprised in the "Bangalore Metropolitan Region", and "Ahmedabad Urban Development Area" and the areas comprised in the city of Ahmedabad, as referred to in the notification of the Government of India in the Department of Revenue No. SO 835(E), dated 21-9-1987;
(b) before the expiry of 15 days from the date on which the provisions of Chapter XXC come into force in any areas, other than the areas referred to in clause (a) where the agreement for transfer is entered into before such date; and
(c) before the expiry of 15 days from the date on which the agreement for transfer is entered into, in cases not covered by clauses (a) and (b).




Extra Notes for Readers:

- Rule 48L under Part XC was introduced by the Income Tax (7th Amendment) Rules, 1986, w.e.f. 1-10-1986.
- Refer Section 269UP of Chapter XXC under the Income Tax Act 1961, which reads as under:
"The provisions of this Chapter shall not apply to, or in relation to, the transfer of any immovable property effected on or after the 1st day of July, 2002."


Reference/Source: Check at Income Tax site for latest version of the Rules - link

This page was last updated on 17th October 2016.
Submit/See Comments With: or

No comments:

Post a Comment