Are there any restrictions on transfer of immovable properties?
In terms of Chapter XX C of the Income Tax Act, 1961, the Central Government has the first option to purchase certain immovable properties exceeding certain value and as such transactions covered by this Chapter can be proceeded with only after complying with the requirements prescribed therein. 12. Does the property have to be insured? You will have to ensure that the property is duly and properly insured for fire and other appropriate hazards, as required by the bank, during the pendency of the loan and to produce evidence thereof to the bank each year and/or whenever called upon to do so. the bank should be the beneficiary of the insurance policy. 13. Will the bank assist me in selecting accommodation of my choice? The concerned bank will assist you in finding the property of your choice.
A. In terms of Chapter XX C of the Income Tax Act, 1961, the Central Government has the first option to purchase certain immovable properties exceeding certain value and as such transactions covered by this Chapter can be proceeded with only after complying with the requirements prescribed therein.
