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Union of India - Section

Section 48K in Income Tax Rules, 1962

48K. Value of immovable property.

- 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 authoritiesshall perform their function Value of any immovable property for thepurposes of sub-section (1) of section 269UC
(1) (2) (3)
1. The area comprised in Greater Bombay as notifiedvide SO 480(E), dated 7th August, 1986 The apparent consideration of the propertyexceeding Rs. 75 lakhs.
2. The area comprised in the Union territory ofDelhi as notified vide SO 480(E), dated 7th August, 1986 The apparent consideration of the propertyexceeding Rs. 50 lakhs.
3. The area comprised in Calcutta Metropolitan Areaand Madras Metropolitan Planning Area as notified vide SO 480(E),dated 7th August, 1986 The apparent consideration of the propertyexceeding Rs. 25 lakhs.
4. The areas comprised in Bangalore MetropolitanRegion and the areas declared as Ahmedabad Urban Development Areaand the areas comprised in the city of Ahmedabad as notified videSO 835(E), dated 21st September, 1987 The apparent consideration of the propertyexceeding Rs. 25 lakhs.
5. The areas comprised in the city of Pune asnotified vide SO 339(E), dated 8th May, 1989 The apparent consideration of the propertyexceeding 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; SO53(E), dated 19th January, 1990 and SO 180(E), dated 14th March,1991 The apparent consideration of the propertyexceeding Rs. 20 lakhs.