TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... ecified in the agreement for transfer ; (ii) if the immovable property is to be transferred by way of exchange, (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 on which the agreement for transfer is made ; (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 on which the agreement for transfer is made, and such sum ; (iii) if the immovable property is to be transferred by way of lease, (A) in a case where the consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch thing or things would ordinarily fetch on sale in the open market on the date on which the agreement for transfer is made ; (iii) 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 on which the agreement for transfer is made, 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 agreement for 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 agreement for transfer, determine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the Central Government under this Chapter ; (f) transfer, (i) in relation to any immovable property referred to in sub-clause (i) of clause (d), means transfer of such property by way of sale or exchange or lease for a term of not less than twelve years, and includes allowing the possession of such property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882). Explanation. For the purposes of this sub-clause, a lease which provides for the extension of the term thereof by a further term or terms shall be deemed to be a lease for a term of not less than twelve years, if the aggregate of the term for which such lease is to be grante ..... X X X X Extracts X X X X X X X X Extracts X X X X
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