Section 281 of Income Tax Act 1961, Income Tax

[Bijay Shrestha]

A person is taking loan from outsiders for which he wants create charge on his House or he wants to gift his house to his friend.

He does not have any dues/proceedings pending to Income Tax and also has not received any demand from Income Tax.

Now my query is - Is he required to get certificate from Income Tax department u/s 281 before such creation of charge or gift as the case may be?

Please kindly suggest.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Section 281 is applicable to cases where the amount of tax or other sum payable or likely to be payable exceeds five thousand rupees and the assets charged or transferred exceed ten thousand rupees in value.