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of <h1>Key Definitions for Central Government Property Transfers Under Income-tax Act Section Rules</h1> This provision defines key terms related to the purchase of immovable properties by the Central Government under the Income-tax Act. It specifies 'agreement for transfer' as any agreement for transferring immovable property, whether registered or not. 'Apparent consideration' is detailed for various transfer modes-sale, exchange, or lease-accounting for monetary and non-monetary components, with future payments discounted at prescribed interest rates. 'Immovable property' includes land, buildings, and associated fixtures, as well as rights arising from memberships or shareholdings in certain entities. 'Transfer' encompasses sale, exchange, or leases of at least twelve years, including possession under partial performance contracts, and extends to transactions effecting transfer through other means such as membership or share transfers. The 'appropriate authority' is designated to oversee functions under this chapter. The definitions establish the framework for valuing and regulating transfers of immovable property involving the Central Government.
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