India - Income Tax Act 2010 - Saarc

1.891 CH. XX-C - PURCHASE OF IMMOVABLE PROPERTIES S. 269UA(v) such other institution, association or body or class of institutions,associations or bodies which the Central Government may, forreasons to be recorded in writing, notify in this behalf in the OfficialGazette.]Explanation.—For the purposes of this section,—(i) “banking company” shall have the meaning assigned to it in clause (i)of the Explanation to section 269SS;(ii) “co-operative bank” shall have the meaning assigned to it in Part V ofthe Banking Regulation Act, 1949 (10 of 1949);(iii) “loan or deposit” means any loan or deposit of money which isrepayable after notice or repayable after a period and, in the case ofa person other than a company, includes loan or deposit of anynature.]64[Mode of repayment of Special Bearer Bonds, 1991.269TT. Notwithstanding anything contained in any other law for the time beingin force, the amount payable on redemption of Special Bearer Bonds,1991, shall be paid only by an account payee cheque or account payee bankdraft drawn in the name of the person to whom such payment is to be made.]65[CHAPTER XX-CPURCHASE BY CENTRAL GOVERNMENT OF IMMOVABLEPROPERTIES IN CERTAIN CASES OF TRANSFERCommencement of Chapter.269U. The provisions of this Chapter shall come into force on such date as theCentral Government may, by notification in the Official Gazette, appoint,and different dates may be appointed for different areas.Definitions.269UA. In this Chapter, unless the context otherwise requires,—(a) “agreement for transfer” means an agreement, whether registeredunder the Registration Act, 1908 (16 of 1908) or not, for the transferof any immovable property ;(b) “apparent consideration”,—(1) in relation to any immovable property in respect of which anagreement for transfer is made, being immovable property of thenature referred to in sub-clause (i) of clause (d), means,—(i) if the immovable property is to be transferred by way of sale,the consideration for such transfer as specified in the agreementfor transfer ;64. Inserted by the Income-tax (Second Amendment) Act, 1981, w.e.f. 19-9-1981.65. Chapter XX-C, consisting of sections 269U to 269UO, inserted by the Finance Act, 1986,w.e.f. 1-10-1986, vide Notification No. SO 480(E), dated 7-8-1986.