TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... e,- ( A ) in a case where the consideration for the transfer consists of a thing or things only, the price that such thing or things would ordinarily fetch on sale in the open market on the date of execution of the instrument of transfer ; ( B ) in a case where the consideration for the transfer consists of a thing or things and a sum of money, the aggregate of the price that such thing or things would ordinarily fetch on sale in the open market on the date of execution of the instrument of transfer and such sum ; 3 [( iii ) if the transfer is by way of lease,- ( A ) in a case where the consideration for the transfer consists of premium only, the amount of premium as specified in the instrument of transfer ; ( B ) in a cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and a sum of money, the aggregate of the price that such thing or things would ordinarily fetch on sale in the open market on the date of the transfer and such sum, and where the whole or any part of the consideration for such transfer is payable on any date or dates falling after the date of such transfer, the value of the consideration payable after such date shall be deemed to be the discounted value of such consideration, as on the date of such transfer, determined by adopting the rate of interest at eight per cent per annum ;] ( b ) competent authority means 4 [a 5 [Joint] Commissioner] authorised by the Central Government under section 269B to perform the functions of a competent authority under this Chapter ; ( c ) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... where any land or any building or part of a building is transferred together with any machinery, plant, furniture, fittings or other things, such machinery, plant, furniture, fittings or other things also. Explanation. -For the purposes of this 8 [sub-clause], land, building, part of a building, machinery, plant, furniture, fittings and other things include any rights therein ; 9 [( ii ) any rights of the nature referred to in clause ( b ) of sub-section (1) of section 269AB ;] 10 [( f ) instrument of transfer means the instrument of transfer registered under the Registration Act, 1908 (16 of 1908), or, as the case may be, the statement registered under section 269AB with the competent authority ;] ( g ) person int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9S, inserted by the Taxation Laws (Amendment) Act, 1972, w.e.f. 15-11-1972 and ceased to operate in respect of transfer of immovable property made after 30-9-1986. 2. Substituted for ' apparent consideration , in relation to any immovable property transferred, means,-' by the Income-tax (Amendment) Act, 1981, w.e.f. 1-7-1982. 3. Inserted by the Income-tax (Amendment) Act, 1981, w.e.f. 1-7-1982. 4. Substituted for an Assistant Commissioner of Income-tax by the Direct Tax Laws (Amendment) Act, 1989, w.r.e.f. 1-4-1988. 5. Substituted for Deputy by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. 6. Substituted by the Income-tax (Amendment) Act, 1981, w.e.f. 1-7-1982. 7. Substituted for ' immovabl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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