India - Income Tax Act 2010 - Saarc

1.873 CH. XX-A - ACQUISITION OF IMMOVABLE PROPERTIES S. 269A(A) in a case where the consideration for the transferconsists of premium only, the amount of premium asspecified in the instrument of transfer ;(B) in a case where the consideration for the transferconsists of rent only, the aggregate of the moneys (ifany) payable by way of rent and the amounts for theservice or things forming part of or constituting therent, as specified in the instrument of transfer ;(C) in a case where the consideration for the transferconsists of premium and rent, the aggregate of theamount of the premium, the moneys (if any) payable byway of rent and the amounts for the service or thingsforming part of or constituting the rent, as specified inthe instrument of transfer,and where the whole or any part of the consideration for suchtransfer is payable on any date or dates falling after the date ofsuch transfer, the value of the consideration payable after suchdate shall be deemed to be the discounted value of such consideration,as on the date of such transfer, determined by adoptingthe rate of interest at eight per cent per annum ;(2) in relation to any immovable property transferred, being immovableproperty of the nature referred to in sub-clause (ii) of clause(e), means,—(i) in a case where the consideration for the transfer consists ofa sum of money only, such sum ;(ii) in a case where the consideration for the transfer consists ofa thing or things only, the price that such thing or thingswould ordinarily fetch on sale in the open market on the dateof the transfer ;(iii) in a case where the consideration for the transfer consists ofa thing or things and a sum of money, the aggregate of theprice that such thing or things would ordinarily fetch on salein the open market on the date of the transfer and such sum,and where the whole or any part of the consideration for suchtransfer is payable on any date or dates falling after the date ofsuch transfer, the value of the consideration payable after suchdate shall be deemed to be the discounted value of suchconsideration, as on the date of such transfer, determined byadopting the rate of interest at eight per cent per annum ;](b) “competent authority” means 11 [a 12 [Joint] Commissioner] authorisedby the Central Government under section 269B to perform thefunctions of a competent authority under this Chapter ;11. Substituted for “an Assistant Commissioner of Income-tax” by the Direct Tax Laws(Amendment) Act, 1989, w.r.e.f. 1-4-1988.12. Substituted for “Deputy” by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998.