Acquisition of immovable properties under Chapter XXA of Income-tax Act, 1961-Guidelines-Regarding - Income Tax - 455/1986

Acquisition of immovable properties under Chapter XXA of Income-tax Act, 1961-Guidelines-Regarding Circular No.455 Dated 16/5/1986 The Finance Bill, 1986, has proposed that no proceedings shall be initiated under section 269C of the Income-tax Act, 1961, in respect of a property transferred after the 30th day of September, 1986. The Bill also proposes to insert Chapter XXC providing for purchase by Central Government of immovable properties in certain cases of transfer. With a view to achieve early finalisation of proceedings under the existing Chapter XXA of the Income-tax Act, 1961, the Board has decided that w.e.f. 1st April, 1986 acquisition proceedings under section 269C will not be initiated in respect of an immovable property for which the apparent consideration is Rs. 5 lakhs or less and that where acquisition proceedings have been initiated by issue of notice under section 269D, the proceedings will be dropped if the apparent consideration of the immovable property is below Rs. 5 lakhs. Yours faithfully, (Sd.) (A.K. Singh) Under Secretary, Central Board of Direct Taxes.