India - Income Tax Act 2010 - Saarc

S. 269S I.T. ACT, 1961 1.88848[Provided that the provisions of this sub-section shall not apply in relation to anydocument which purports to transfer any immovable property for an apparentconsideration not exceeding 49 [fifty] thousand rupees.Explanation.—For the purposes of this proviso, “apparent consideration” shallhave the meaning assigned to it in clause (a) of section 269A subject to themodifications that for the expressions “immovable property transferred” and“instrument of transfer” occurring in that clause, the expressions “immovableproperty purported to be transferred” and “document purporting to transfersuch immovable property” shall, respectively, be substituted.](2) The registering officer shall, at the end of every fortnight, forward to thecompetent authority,—(a) one set of the statements received by him under sub-section (1) duringthe fortnight ; and(b) 50 a return in the prescribed form and verified in the prescribedmanner and setting forth such particulars as may be prescribed inrespect of documents of the nature referred to in sub-section (1)which have been registered by him during the fortnight.Chapter not to apply to transfers to relatives.269Q. The provisions of this Chapter shall not apply to or in relation to anytransfer of immovable property made by a person to his relative onaccount of natural love and affection for a consideration which is less than itsfair market value if a recital to that effect is made in the instrument of transfer.Properties liable for acquisition under this Chapter not to be acquired under otherlaws.269R. Notwithstanding anything contained in the Land Acquisition Act, 1894(1 of 1894), or any corresponding law for the time being in force, noimmovable property referred to in section 269C shall be acquired for anypurpose of the Union under that Act or such law unless the time for initiation ofproceedings for the acquisition of such property under this Chapter has expiredwithout such proceedings having been initiated or unless the competent authorityhas declared that such property will not be acquired under this Chapter.51[Chapter not to apply where transfer of immovable property made after acertain date.269RR. The provisions of this Chapter shall not apply to or in relation to thetransfer of any immovable property made after the 30th day ofSeptember, 1986.]Chapter not to extend to State of Jammu and Kashmir.269S. The provisions of this Chapter shall not extend to the State of Jammuand Kashmir.]48. Inserted by the Income-tax (Amendment) Act, 1973, w.e.f. 1-1-1974.49. Substituted for “ten” by the Finance Act, 1984, w.e.f. 1-6-1984.50. See rule 48H and Form No. 37H.51. Inserted by the Finance Act, 1986, w.e.f. 1-10-1986.