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of <h1>Key Definitions for Immovable Property Transfer and Tax Evasion Under Income-tax Act Section Rules</h1> The statutory provisions define key terms related to the acquisition of immovable property to counteract tax evasion under the Income-tax Act. 'Apparent consideration' refers to the value specified in the transfer instrument for sales, exchanges, or leases, with adjustments for deferred payments using an 8% discount rate. 'Fair market value' is the price the property would fetch in an open market sale on the transfer date. 'Immovable property' includes land, buildings, and related machinery or rights. The 'competent authority' is a designated Joint Commissioner authorized to oversee these matters, while 'court' refers to the principal civil court or a specially appointed judicial officer. 'Transfer' encompasses sale, exchange, or leases of not less than twelve years, including possession under certain contracts, and extends to transfers of rights or shares affecting enjoyment of such property. These definitions establish the framework for regulating property transfers to prevent tax evasion.
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