Restrictions on transfer of immovable property

Transfer of Property Act or any other law for the time being in force, has been effected. Except after an agreement for transfer is entered into between the person who intends to transfer the immovable property (hereinafter referred to as the transferor) and the person to whom it has proposed to be transferred (hereinafter referred to as the transferee) according to the provisions.

Each of the parties to the transfer, or any one of the parties acting on behalf of himself and the other parties should put the agreement to writing in the form of a statement. Every statement shall-

(1) Be in the prescribed from;

(2) Set forth such particulars as May prescribed; and

(3) Be verified in the prescribed manner;

It should be furnished to the appropriate authority in such manner and within such time as may be prescribing, by each of the parties to such transaction or by any of the parties to such transaction acting on behalf of himself and the other parties. The appropriate authority may intimate the defect to the parties concerned and provide an opportunity to rectify the defect within fifteen days from the date of such intimation or a period in which the appropriate authority may allow in its discretion on an application made on this behalf. If the defect not rectified within the given period of fifteen days, or as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of the statement shall be deem that it never been furnished.

Gaining knowledge on section 12a of income tax act is beneficial.

Order by an appropriate authority for purchase of immovable property by Central Government -

Any immovable property may issue an order for the Central Government to acquire the immovable property for a price equivalent to the ostensible consideration, regardless of any other laws, instruments, or agreements in effect at the time. After the lapse of two months prior to the end of the month in which the statement in question regarding such property will reach the competent authority, no such order may be made in relation to moveable property. The relevant authority has ruled that no such orders may be made in regards to any immovable property after the passing of a two-month period after the end of the month in which the statement referred to in section 269UC in regards to such property is received.

Ngo should have 80gga.