Restrictions on transfer of immovable property in 80g
Transfer of Property Act 80g registration or in any other law for the time being in force, effected except after an agreement for transfer is entered into between the person who intends transferring the immovable property (hereinafter referred to as the transferor) and the person to whom it is proposed to be transferred (hereinafter referred to as the transferee) in accordance with the provisions of 80g.
The agreement referred to –
Shall be reduced to writing in the form of a statement by each of the parties to such transfer or by any of the parties to such transfer acting on behalf of himself and on behalf of the other parties. Every statement referred to in 80g exemption –
(1) Be in the prescribed from;
(2) Set forth such particulars as May prescribed; and
(3) Be verified in the prescribed manner;
And shall be furnished to the appropriate authority in such manner and within such time as may be prescribed, by each of the parties to such transaction or by any of the parties to such transaction acting on behalf of himself and on behalf of the other parties. The appropriate authority may intimate the defect to the parties concerned and give them an opportunity to rectify the defect within a period of fifteen days from the date of such intimation or within such further period which , on an application made in this behalf , the appropriate authority may , in its discretion , allow and if the defect is not rectified within the said period of fifteen days , or as the case may be , the further period so allowed , then , notwithstanding anything contained in any other provision of the statement shall be deemed never to have been furnished.
Order by appropriate authority for purchase by Central Government of immovable property
Any immovable property, may, notwithstanding anything contained in any other law or any instrument or any agreement for the time make an order for the purchase by the Central Government of such immovable property at an amount equal to the amount of apparent consideration. Respect of immovable property after the expiration of two months the end of the month in which the statement referred to in 80g respect of such property is received by the appropriate authority. Provided that no such order shall be made in respect of any immovable property after the expiration of a period of two months from the end of the purchase by the Central Government of such immovable property at an amount equal to the amount of apparent consideration