Rule – 48K, Value of immovable property

Published by Law@HostBooks at Last Updated on August 9th, 2018 at 4:22 pm Published on March 26, 2018

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48K . The value of any immovable property for the purposes of sub-section (1) of section 269UC shall be, where the agreement for transfer prescribed under the said sub-section—

(a)		is entered into, on or before the 31st day of July, 1995, the apparent consideration of that property exceeding 10 lakh rupees;
(b)		is entered into, after 31st day of July, 1995, the apparent consideration of that property as specified in column (3) of the Table below :

Sl. No.	Area within which the appropriate authorities shall perform their function	Value of any immovable property for the purposes of sub-section (1) of section 269UC
(1)	(2)	(3)
1.	The area comprised in Greater Bombay as notified vide SO 480(E), dated 7th August, 1986	The apparent consideration of the property exceeding Rs. 75 lakhs.
2.	The area comprised in the Union territory of Delhi as notified vide SO 480(E), dated 7th August, 1986	The apparent consideration of the property exceeding Rs. 50 lakhs.
3.	The area comprised in Calcutta Metropolitan Area and Madras Metropolitan Planning Area as notified vide SO 480(E), dated 7th August, 1986	The apparent consideration of the property exceeding Rs. 25 lakhs.
4.	The areas comprised in Bangalore Metropolitan Region and the areas declared as Ahmedabad Urban Deve-lopment Area and the areas comprised in the city of Ahmedabad as notified vide SO 835(E), dated 21st September, 1987	The apparent consideration of the property exceeding Rs. 25 lakhs.
5.	The areas comprised in the city of Pune as notified vide SO 339(E), dated 8th May, 1989	The apparent consideration of the property exceeding Rs. 25 lakhs.
6.	The areas other than those mentioned at Sl. No. 5 above and notified vide SO 339(E), dated 8th May, 1989; SO 53(E), dated 19th January, 1990 and SO 180(E), dated 14th March, 1991	The apparent consideration of the property exceeding Rs. 20 lakhs.]