Mr. Gopal,
Immovable property is concerned, the transfer thereof is not a simple matter as it is governed by various laws. Firstly, every transaction of transfer is governed by the provisions of the contract act in the sense that there will be an offer and acceptance thereof for a valid consideration. Thereafter, the transfer should be in conformity with the provisions of the tranfer of property act. Again, the transfer should be only by a registered sale deed. While generally theaforesaid conditions should be satisfied to begin with, nowadays there are various other laws which put a restriction on the tranfer of immovable property like lands and houses. A transfer of any land if it is agricultural land, it should be in conformity with the provisions of the relevant agricultural land ceilings act inforce in each state. If it is an urban land, it should be in conformity with the Urban Land (celing and regulation) act, 1977.
Apart from that, in respect of Transfers of property worth more than Rs.5,00,000/- an Income Tax Clearance Certificate is also necessary. It would thus be seen that a transfer of immovable property is governed by the Contract Act, the Transfer of Property Act,1882, the Indian registration Act, 1908, The Indian Stamp Act, the Agricultural Land Ceiling Act of the concerned State, the Urban Land (Ceiling and Regulation) Act and the Income tax Act.
