Registration of property transactions now triggers acquisition rules, alters valuation and compensation, and imposes penal sanctions. Amendments extend Chapter XXA to include transfers via co operative societies, part performance agreements and long term leases, redefine apparent consideration and fair market value to encompass premiums, rent and discounted deferred payments at 8%, require prescribed statements and registration for specified transactions, adapt jurisdiction and time limits for acquisition proceedings to registration under the new regime, adjust vesting and compensation rules for post acquisition payments, and create penal sanctions for failure to register or comply with vesting directions.
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Registration of property transactions now triggers acquisition rules, alters valuation and compensation, and imposes penal sanctions.
Amendments extend Chapter XXA to include transfers via co operative societies, part performance agreements and long term leases, redefine apparent consideration and fair market value to encompass premiums, rent and discounted deferred payments at 8%, require prescribed statements and registration for specified transactions, adapt jurisdiction and time limits for acquisition proceedings to registration under the new regime, adjust vesting and compensation rules for post acquisition payments, and create penal sanctions for failure to register or comply with vesting directions.
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