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QUERY:
1) In a particular case, a Deed of Assignment of Immovable Property between two parties has been executed and registered. Subsequently, the possession of the property was handed over and the final registration was made thereafter upon full and final settlement. What would be considered as the date of transfer of immovable property for income tax purposes?
Date of first registration of agreement, wherein practically all the rights are transferred
Date of handover of possession
Date of full and final registration
2) If in the above case, the date of registration of Deed of Assignment is considered to be the date of transfer, whether the transaction would be considered under doctrine of part performance of contract (Section 53A of Transfer of Property Act) or as a complete and valid Sale?
3) Sec 269B of Income Tax Act states that under Rule 48DD, in case of part performance of contract Form No. 37EE is to be submitted to the concerned authorities within 60 days of the transfer. However, when Income Tax Rules are referred, Footnote no. 2 under Form 37EE says that it ceases to exist for transfer of immovable property after 30-9-1986. Kindly clarify the applicability or inapplicability thereof in today’s date.
If it is still applicable, what are the consequences, in case the said form is not filed with the competent authority within the said 60 days? |
