Income-tax Act, 1961

Compensation.

269J. (1) Where any immovable property is acquired under this Chapter, the Central Government shall pay for such acquisition compensation which shall be a sum equal to the aggregate of the amount of the apparent consideration for its transfer and fifteen per cent of the said amount :

Provided that in a case where, under the agreement between the parties concerned, the whole or any part of the consideration for the transfer of such immovable property is payable on any date or dates falling after the date on which such property is acquired, the compensation payable by the Central Government shall be the aggregate of the following amounts, namely :-

(i)	-	an amount equal to fifteen per cent of the apparent consideration ;
(ii)	-	the amount, if any, that has become payable in accordance with such agreement on or before the date on which such property is acquired under this Chapter ; and
(iii)	-	the amount payable after the date on which such property is acquired under this Chapter.

(2) Notwithstanding anything contained in sub-secti .... To read the full section download the app from Google Play store