Form 37 ee under section 269 ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 May 2015 Dear Sir,

My Friend has bought a Flat in Goregaon - Mumbai last week.
Consideration was 1 Crore.

1 Lakh TDS was deducted and 99 lakhs was paid. Form 16 B will be provided to the seller also.

Would like to know if Form 37 EE under Section 269 AB is necessary to be filed.

The Society has asked for this, but none of other societies are asking for this.

What is the basic idea of this form?

Would appreciate if you can provide any Circular ref no. in support of your view so that this can be shown to the society.

Can you please clarify? Many Thanks.

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2015
look forward for some response please.

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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25 July 2024 Form 37 EE under Section 269AB of the Income Tax Act, 1961, requires the buyer of an immovable property to furnish this form to the Registrar of the area in which the property is situated. This form essentially serves as a declaration stating that the buyer does not own any other residential house property on the date of transfer of the property being acquired.

Here are the key points regarding Form 37 EE:

1. **Applicability**: Form 37 EE needs to be filed by the buyer if the consideration for the transfer of immovable property exceeds Rs. 50 lakhs. Since your friend bought a flat for 1 crore (which is 100 lakhs), this condition is satisfied.

2. **Purpose**: The purpose of Form 37 EE is to ensure that the buyer does not already own a residential property. If the buyer owns more than one residential property on the date of transfer, they are not eligible to file this form.

3. **Circular Reference**: There is no specific circular for Form 37 EE under Section 269AB. However, the requirement and details of this form are laid down in Section 269AB of the Income Tax Act itself.

4. **Consequence of Non-filing**: Non-filing of Form 37 EE where applicable could lead to non-compliance with income tax regulations. The society's request might be based on their internal compliance needs or to ensure that all statutory requirements are fulfilled.

5. **Filing Procedure**: Form 37 EE should be submitted along with other relevant documents related to the property transaction. It's typically the responsibility of the buyer or their authorized representative to file this form.

Given that the society has requested Form 37 EE, it would be prudent to comply with their requirement. This form is a legal declaration required under Section 269AB to prevent tax evasion and to ensure compliance with income tax regulations related to property transactions.

For specific procedural details or further clarification, consulting with a tax professional or a legal advisor would be beneficial. They can guide you through the filing process and ensure compliance with all relevant regulations.

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