Purchase
What is the defination of pruchase under income tax law or property act? Does mere payment of 10% of consideration for booking a property constitute purchase where no rights or transfer of property has taken place.
Replies (2)
I don't think that would amount to purchase. Purchase would happen, in your case, when you have the sale deed. Also the 10% paid, would simply be Earnest Money used to show an Intent to Purchase and not an actual purchase.
Is there any decision of case law regarding this?
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