A person is taking loan from outsiders for which he wants create charge on his House or he wants to gift his house to his friend.
He does not have any dues/proceedings pending to Income Tax and also has not received any demand from Income Tax.
Now my query is - Is he required to get certificate from Income Tax department u/s 281 before such creation of charge or gift as the case may be?
Please kindly suggest.
Certificate Needed Under Section 281 for House Transfer if Tax Exceeds 5,000 and Asset Value Over 10,000. A person inquired about the necessity of obtaining a certificate from the Income Tax department under Section 281 of the Income Tax Act 1961 before creating a charge on or gifting his house, given that he has no pending tax dues or demands. The response clarified that Section 281 applies when the tax or sum payable exceeds five thousand rupees and the value of the charged or transferred assets exceeds ten thousand rupees. (AI Summary)
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