Definitions.
269UA. In this Chapter,
unless the context otherwise requires,
(a) agreement for transfer means an agreement,
whether registered under the Registration Act, 1908 (16 of 1908) or not, for
the transfer of any immovable property ;
(b) apparent consideration,
(1) in relation to any immovable property in
respect of which an agreement for transfer is made, being immovable property of
the nature referred to in sub-clause (i)
of clause (d), means,
(i) if the immovable property is to be transferred
by way of sale, the consideration for such transfer as specified 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 66 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 for the
transfer consists of premium only, the amount of premium as specified in the
agreement for transfer ;
(B) in a case where the consideration for the
transfer consists of rent only, the aggregate of the moneys (if any) payable by
way of rent and the amounts for the service or things forming part of or
constituting the rent, as specified in the agreement for transfer ;
(C) in a case where the consideration for the transfer
consists of premium and rent, the aggregate of the amount of the premium, the
moneys (if any) payable by way of rent and the amounts for the service or
things forming part of or constituting the rent, as specified in the agreement
for transfer,
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 67 of such consideration, as
on the date of such agreement for transfer, determined by adopting such rate of
interest as may be prescribed in this behalf ;
(2) in relation to any immovable property in
respect of which an agreement for transfer is made, being immovable property of
the nature referred to in sub-clause (ii)
of clause (d), means,
(i) in a case where the consideration for the
transfer consists of a sum of money only, such sum ;
(ii) 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 ;
(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 68 of such consideration, as
on the date of such agreement for transfer, determined by adopting such rate of
interest as may be prescribed in this behalf ;
69(c) appropriate authority
means an authority constituted under section 269UB
to perform the functions of an appropriate authority under this Chapter ;
(d) immovable property means
(i) any land or any building or part of a
building, and includes, where any land or any building or part of a building is
to be 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 sub-clause, land, building, part of a building,
machinery, plant, furniture, fittings and other things include any rights
therein ;
(ii) any rights in or with respect to any land or
any building or a part of a building (whether or not including any machinery,
plant, furniture, fittings or other things therein) which has been constructed
or which is to be constructed, accruing or arising from any transaction
(whether by way of becoming a member of, or acquiring shares in, a co-operative
society, company or other association of persons or by way of any agreement or
any arrangement of whatever nature), not being a transaction by way of sale,
exchange or lease of such land, building or part of a building ;
(e) person interested 70, in relation to any
immovable property, includes all persons claiming, or entitled to claim, an
interest in the consideration payable on account of the vesting of that
property in the Central Government under this Chapter ;
(f) transfer 70a,
(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 71 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 granted and the further term or terms for which it can be so
extended is not less than twelve years ;
(ii) in relation to any immovable property of the
nature referred to in sub-clause (ii)
of clause (d), means the doing of
anything (whether by way of admitting as a member of or by way of transfer of
shares in a co-operative society or company or other association of persons or
by way of any agreement or arrangement or in any other manner whatsoever) which
has the effect of transferring, or enabling the enjoyment of, such property.