Date Of Agreement For Sale Or Transfer
To enter into the agreement, Larry writes a purchase agreement that sets out the transaction, including the purchase price. He keeps the deed on the field while Derrick makes monthly payments. Once Derrick has paid the amount of the deal, Larry will transfer the deed home to Derrick. A contract of sale is a contract for the sale of real estate in the future. This agreement defines the conditions under which the property is transferred. The Transfer of Property Act, 1882, which governs matters relating to the sale and assignment of immovable property, defines the contract of sale or a contract of sale as follows: there are also cases where the contract of sale takes place in one financial year, but the final payment is made in another financial year. There was also a significant case where a fitness club in Mumbai agreed to sell the property in a given financial year for an advance of an agreed sum, while the final transfer was to take place next year against payment of the final amount. 38. Prima facie seems to me that the tax authorities have been confused between section 43 of the Bombay Tenancy and Agricultural Land Act, on the one hand, and section 63 of that act, on the other. It would appear that the deed of sale was executed and registered on July 3, 2012. The authorisation to transfer the land was granted by the authority concerned on 16 May 2012. The tax authorities considered that the date of the sale agreement could not be taken into account, as this is not a `transfer` within the meaning of Article 2(2)(47) of the Law and also considered that the sales agreement was contrary to Article 43 of the Bombay Tenancy and Agricultural Lands Act.
We can specify that an agricultural area of two species can be. There is something called „old country of possession“ and „new country of possession.“ If it is new land, the transaction would be governed by section 43 of the Bombay Tenancy Act, whereas if it is former land, but still agricultural land, the transaction would be governed by section 63 of the Bombay Tenancy Act. .