India - Income Tax Act 2010 - Saarc

S. 269UA I.T. ACT, 1961 1.892(ii) if the immovable property is to be transferred by way ofexchange,—(A) in a case where the consideration for the transferconsists of a thing 66 or things only, the price that suchthing or things would ordinarily fetch on sale in theopen market on the date on which the agreement fortransfer is made ;(B) in a case where the consideration for the transfer consistsof a thing or things and a sum of money, the aggregateof the price that such thing or things would ordinarilyfetch on sale in the open market on the date on whichthe agreement for transfer is made, and such sum ;(iii) if the immovable property is to be transferred by way oflease,—(A) in a case where the consideration for the transferconsists of premium only, the amount of premium asspecified in the agreement for 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 agreement for 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 agreement for 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 agreement for transfer, the value of the considerationpayable after such date shall be deemed to be the discountedvalue 67 of such consideration, as on the date of such agreementfor transfer, determined by adopting such rate of interest as maybe prescribed in this behalf ;(2) 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 (ii) of clause (d), 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 things66. For the meaning of the term “thing”, see Taxmann’s Direct Taxes Manual, Vol. 3.67. Rate of interest for determination of discounted value is 8 per cent per annum vide rule48-I.