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Transfer of capital asset sec.2(47).

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(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.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
25 July 2013 Part Performance in simple words-
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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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