Applicability of secs. 230a & 269ab of it act

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Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2014 I wish to sell my flat in a Co-op Hsg. Society in Pune for Rs 38,50,000/- after obtaining NOC from the Society. (i) Do I have to take IT clearance certificate under Sec. 230A before registration of agreement for sale or at the time of registration of Sale Deed? (ii) Do I have to inform the IT Authority of the sale under Sec. 269AB of the IT Act?

The FAQs on Income grom Capital Gains on the website of the Income Tax Deptt. says that though Sec. 230A has been deleted in 2001, clearance of IT Authority is still required if the sale amount exceeds prescribed limits (for example Rs 75,00,000/- in Greater Mumbai) What is the limit for Pune and where is it available?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

20 August 2014 No clearance of IT Authority is required for sale of your flat. As the value of your flat exceeds Rs.30 lakhs you sale will be included in AIR. You have to file return considering any capital gain on this sale.

Querist : Anonymous

Querist : Anonymous (Querist)

20 August 2014 Sir, Thank you very much for your kind and prompt reply. Someone told me that though the reqmnt. of ITCC u/s 230A was no longer there, still a clearance from IT Authority u/s 269UC was required. Many outdated websites also inform us so and offer Form 37-I under rule 48L for filing a statement in this reg. u/sec. 269UC. The IT website is also not clear in this reg. But I have learnt from enquires after you sent your reply that Chap.XX-C which contained the aforesaid sec. 269UC was abolished in 2002 and hence statement in Form 37-I is no longer reqd. to be filed. Sir you might like to cross-check and confirm.Many many thanks once again. My mind is now at rest!

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

20 August 2014 I confirm it was abolished in 2002.

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