India - Income Tax Act 2010 - Saarc

1.893 CH. XX-C - PURCHASE OF IMMOVABLE PROPERTIES S. 269UAwould ordinarily fetch on sale in the open market on the dateon which the agreement for transfer is made ;(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 on which the agreement fortransfer is made, 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 agreement for transfer, the value of the considerationpayable after such date shall be deemed to be the discountedvalue 68 of such consideration, as on the date of such agreementfor transfer, determined by adopting such rate of interest as maybe prescribed in this behalf ;69(c) “appropriate authority” means an authority constituted under section269UB to perform the functions of an appropriate authority underthis Chapter ;(d) “immovable property” means—(i) any land or any building or part of a building, and includes, whereany land or any building or part of a building is to be transferredtogether with any machinery, plant, furniture, fittings or otherthings, such machinery, plant, furniture, fittings or other thingsalso.Explanation.—For the purposes of this sub-clause, “land, building,part of a building, machinery, plant, furniture, fittings andother things” include any rights therein ;(ii) any rights in or with respect to any land or any building or a partof a building (whether or not including any machinery, plant,furniture, fittings or other things therein) which has been constructedor which is to be constructed, accruing or arising fromany transaction (whether by way of becoming a member of, oracquiring shares in, a co-operative society, company or otherassociation of persons or by way of any agreement or anyarrangement of whatever nature), not being a transaction by wayof sale, exchange or lease of such land, building or part of abuilding ;(e) “person interested” 70 , in relation to any immovable property, includesall persons claiming, or entitled to claim, an interest in the considerationpayable on account of the vesting of that property in the CentralGovernment under this Chapter ;68. Rate of interest for determination of discounted value is 8 per cent per annum vide rule48-I.69. See rule 48J.70. For the meaning of the terms/expressions “person interested” and “transfer”, seeTaxmann’s Direct Taxes Manual, Vol. 3.