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of <h1>Transfers of immovable property over Rs.5 lakh in prescribed areas require written agreement four months before transfer and timely filing</h1> For immovable property in prescribed areas and exceeding the prescribed value (currently Rs.5 lakh), no transfer may be effected unless the transferor and transferee enter into a written agreement at least four months before the intended transfer. The agreement must be recorded as a written statement by each party (or by one party on behalf of all), in the prescribed form, containing prescribed particulars and verified as prescribed, and furnished to the appropriate authority within the prescribed time and manner. If the statement is found defective, the authority may allow rectification within fifteen days (or a discretionary extension); failure to rectify renders the statement deemed never furnished.
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