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Rule 48K of Income Tax Rules 1962: Value of immovable property.

Rule 48K : Value of immovable property.
(Part XC : Purchase of Immovable Properties under Chapter XXC)

The value of any immovable property for the purposes of sub-section (1) of section 269UC shall be, where the agreement for transfer prescribed under the said sub-section—
(a) is entered into, on or before the 31st day of July, 1995, the apparent consideration of that property exceeding 10 lakh rupees;
(b) is entered into, after 31st day of July, 1995, the apparent consideration of that property as specified in column (3) of the Table below :


Sl. No.
Area within which the appropriate authorities shall perform their function
Value of any immovable property for the purposes of sub-section (1) of section 269UC
(1)
(2)
(3)
1.
The area comprised in Greater Bombay as notified vide SO 480(E), dated 7th August, 1986
The apparent consideration of the property exceeding Rs. 75 lakhs.
2.
The area comprised in the Union territory of Delhi as notified vide SO 480(E), dated 7th August, 1986
The apparent consideration of the property exceeding Rs. 50 lakhs.
3.
The area comprised in Calcutta Metropolitan Area and Madras Metropolitan Planning Area as notified vide SO 480(E), dated 7th August, 1986
The apparent consideration of the property exceeding Rs. 25 lakhs.
4.
The areas comprised in Bangalore Metropolitan Region and the areas declared as Ahmedabad Urban Deve-lopment Area and the areas comprised in the city of Ahmedabad as notified vide SO 835(E), dated 21st September, 1987
The apparent consideration of the property exceeding Rs. 25 lakhs.
5.
The areas comprised in the city of Pune as notified vide SO 339(E), dated 8th May, 1989
The apparent consideration of the property exceeding Rs. 25 lakhs.
6.
The areas other than those mentioned at Sl. No. 5 above and notified vide SO 339(E), dated 8th May, 1989; SO 53(E), dated 19th January, 1990 and SO 180(E), dated 14th March, 1991
The apparent consideration of the property exceeding Rs. 20 lakhs.



Extra Notes for Readers:

- Rule 48K under Part XC was introduced by the Income Tax (7th Amendment) Rules, 1986, w.e.f. 1-10-1986.
- Rule 48K was substituted by the Income Tax (10th Amendment) Rules, 1995, w.e.f. 1-8-1995
- 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.
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