A sale agreement is an agreement in which the seller promises to transfer the future ownership of the property to certain conditions. “1. Ld. CIT (A) has an error of fact and legally in confirming the effect of AO when taking over the date of purchase of land on 13.04.2010 in relation to the date of acquisition of the land of 11.04.2007, when the land was acquired and the property was received in the form of a sale agreement on the right date and therefore, the valuation of the profit from the sale of the land as a short-term capital gain instead of the long-term capital gain claimed by the expert. The “purchase agreement” format can be displayed by clicking on this link. Under the Indian Registration Act of 1908, any interest transfer agreement must be registered on property worth more than 100 rupees. Therefore, if you purchased a property for sale as part of an agreement without a good state of sale, you will not receive any right or interest in the property that would be transferred under the sale contract. 23. The consequences of executing the sale agreement are also very clear, so that the applicants could not have sold the property to another person. In practical life, there are events when a person, even after executing an agreement to sell a property in favour of one person, tries to sell the property to another. In our view, such an act would not be in accordance with the law, because once a sale agreement is executed for the benefit of a person, that person obtains a right to transfer the property in his favour by filing a legal action for a specified benefit and, therefore, we can say without hesitation that a right, with respect to the aforementioned property, belonging to the complainants, was enforceable and that a right was created in favour of the seller/transfer if the agreement had been executed. The Supreme Court of India in 2012, in the case of Suraj Lamp Industries (P) Ltd (2) /State of Haryana, while the examination of the validity of the sale of real estate by proxy did, as in: What creates the sales contract is a right for the buyer to purchase the property in question on compliance with certain conditions.
Similarly, the seller obtains the right to obtain the buyer`s consideration in accordance with his part of the terms and conditions. 21. However, in light of the definition of “transfer” within the meaning of Section 2(47) of the Act, it is clear that when an asset right is extinguished and that right is transferred to someone, it amounts to the transfer of an asset. In light of the above definition, we should consider the facts of this case, in which, on December 27, 2002, an agreement was reached for the sale of capital for the transfer of the original property/asset in question and a sum of 15 lakhs with serious money. There is no doubt that the deed of sale could not have been executed because the dispute between Shri Ranjeet Lal and the complainants was called into question to the extent that Shri Ranjeet Lal challenged the validity of the intention that the assets had been transferred to the complainants. Under an order in the complaint filed by Shr i Ranjeet Lal, the complainants were excluded from the treatment of the aforementioned building and a law-abiding citizen cannot be expected to violate the instruction of a court by executing a deed of sale in favour of a third party while deterring him from doing so. In circumstances not under the complainant`s control, they were unable to execute the deed of sale and the deed of sale was not registered until September 24, 2004, after the dismissal of the complaint filed by Shri Ranjeet Lal, who had questioned the validity of the will.