You have a question about house rent allowance, medical allowance or even a general tax query.
Here's where we step in with our experts, Relax With Tax.
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I was told that if I were to sell a plot that I own and if the total value of the plot is over Rs 5,00,000, then I need to get a clearance from the Income Tax Department.
Is it true?
If yes, what should I furnish to the Income Tax Department to get such a clearance?
Also, should I go to the same "Income Tax Office" where I have filed my returns so far?
- Rajaraman Srinivasan
You need not go through any procedure.
Section 230A of the Income Tax Act, 1961 that dealt with restrictions on registration of transfer of immovable property has been omitted by the Finance Act, 2001, with effect from June 1, 2001.
Hence, there is no requirement for obtaining the clearance certificate from the income tax department.
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