New Rule 11UAC has been inserted vide Notification No. 96/2019/F. No.370142/29/2019-TPL dated 11.11.2019 w.e.f April 1,2020, wherein the provision of clause (x) of sub-section (2) of section 56 of the Income Tax Act, 1961 shall not apply to any immovable property, being land or building or both, received by a resident* of an unauthorized colony* in the National Capital Territory of Delhi, where the transaction of such immovable property has been regularised by the Central Government by issuing notification in official gazette based on the latest power of attorney, agreement to sale, will, possession letter and other documents including documents evidencing payment of consideration for conferring or recognising right of ownership or transfer or mortgage in regard to such immovable property in favour of such resident.
Explanation -For the purpose of the notification;
* Resident means a person having physical possession of property on the basis of a registered sale deed or latest set of Power of Attorney, Agreement to Sale, Will, possession letter and other documents including documents evidencing payment of consideration in respect of a property in unauthorised colonies and includes their legal heirs but does not include tenant, licensee or permissive user.
* Unauthorised Colony means a colony or development comprising of a contiguous area, where no permission has been obtained for approval of layout plan or building plans and has been identified for regularisation of such colony.
