This Act may be cited as the Conveyancing and Law of Property Act. Interpretation 3. It has certain elements : 1) There should be a consideration, which shall be agreed by both the parties. Article Explains Exemption / Deduction under Section 54, Section 54EC & Section 54F of Income Tax Act, 1961 with FAQs and Case Laws. 3) The agreement of the property should be registered; 4) And the terms of the agreement should be agreed by both the parties. Section 54 of Income Tax Act – Capital Gains Exemption Updated on Mar 09, 2020 - 11:32:35 AM Read about the Union Budget 2020 highlights here. Under section 54, a sale of tangible immovable property of value more than hundred Rupees (Rs 100/-) is required to be made, only by a registered instrument. 2) The amount of the property should be more than INR 100. “Transfer of property” defined.—In the following sections “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, 1[or to himself] and one or more other living persons; and “to transfer property” is to perform such act.

With effect from Assessment Year 2020-2 1, the Finance Act, 2019 has amended Section 54 to extend the benefit of exemption in respect of investment made in two residential house properties. Section 54 of the TP act lays the procedure of sale of a property. The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme. See the Tables of Legislative Changes for this Act’s legislative history, including any changes not in force. Analyzing different sections with relation to section 9 of the Transfer of Property Act. Section 54 in The Transfer of Property Act, 1882 54. Preamble.Whereas it is expedient to define and amend certain parts of SECTION 54 EXEMPTION FOR CAPITAL GAINS ARISING ON TRANSFER OF RESIDENTIAL HOUSE PROPERTY Introduction A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. Interpretation 2. Delivery of tangible immovable property takes place when the seller places the buyer, or such person as he directs, in possession of the property. Full text containing the act, Transfer of Property Act, 1882, with all the sections, schedules, short title, enactment date, and footnotes. “Sale” defined.—‘‘Sale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house. 3 LAWS OF MALAYSIA Act 378 STAMP ACT 1949 ARRANGEMENT OF SECTIONS PART I PRELIMINARY Section 1. SALE AS A MODE OF TRANSFER- Sections 54 to 57 of The Transfer of Property Act, 1882 Short title and application 2. In the case of tangible immovable property of a value less than one hundred rupees, such transfer may be made either by a registered instrument or by delivery of the property. Collector and Deputy Collectors of Stamp Duties 3A.. Application of Trusts Act 2019 171 Section 548 amended (Other regulations) 172 Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions) 173 Section 556 amended (FMA IV OF 1882 [17th February 1882] An Act to amend the Law relating to the Transfer of Property by Act of Parties. The Transfer of Property Act, 1882 ACT NO.


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