Transfer of capital asset sec.2(47).
This query is : Resolved
meet gupta
(Querist)
25 July 2013
what is the meaning of "possession of immovable property under part performance of a contract"????
what does part performance means???
pls explain with example.
what does part performance means???
pls explain with example.
CA PARAS BAFNA
(Expert)
25 July 2013
Part Performance in simple words-
--------------------------------
You have purchased a capital asset from X.
Amount agreed upon 5.00 lac. You paid him 51000/-. This is part performance as you have started to work upon the contract.
.
X relies on you. He gives you possession on the basis of your PP+ good intentions.
--------------------------------
You have purchased a capital asset from X.
Amount agreed upon 5.00 lac. You paid him 51000/-. This is part performance as you have started to work upon the contract.
.
X relies on you. He gives you possession on the basis of your PP+ good intentions.
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