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of <h1>Amendment to Income-tax Act 1961 Targets Tax Evasion in Property Transfers; New Definitions and Penalties Introduced.</h1> The Income-tax (Amendment) Act, 1981, revises the Income-tax Act, 1961, to curb tax evasion in property transfers. Effective from July 1, 1982, it extends Chapter XXA to include transfers via co-operative societies, long-term leases, and agreements under section 53A of the Transfer of Property Act. The Act redefines 'apparent consideration' and 'fair market value' for property transactions and mandates registration of certain transactions. It also amends definitions of 'immovable property,' 'instrument of transfer,' and 'transfer,' while establishing penalties for non-compliance. The Central Government can acquire properties under these provisions, with compensation determined by specific criteria.
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