Uma
asked
0
0
Answer Now
Comment
Report
2
Answers
narahari
answered
(1) Transfer of ownership in exchange of price paid or promised or part paid or part promised.
(2) Parties to transaction of sale are known as seller and buyer.
(3) Subject-matter of sale is immovable property which is sold by seller and purchased by buyer.
(4) Delivery of possession of property to the buyer by seller may be made as under:
(i) Property of the value of less than Rs. 100/- may be transferred merely by delivery of physical
possession;
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below –
For any questions Request A Call Back
lochan
answered
**ESSENTIAL REQUIREMENTS OF SALE OF IMMOVABLE PROPERTY**
The following are the essential requirements of sale of an immovable property:
(1) Transfer of ownership in exchange of price paid or promised or part paid or part promised.
(2) Parties to transaction of sale are known as seller and buyer.
(3) Subject-matter of sale is immovable property which is sold by seller and purchased by buyer.
(4) Delivery of possession of property to the buyer by seller may be made as under:
(i) Property of the value of less than Rs. 100/- may be transferred merely by delivery of physical
possession;
(ii) Property of the value exceeding Rs. 100/- may be transferred under a written instrument known as
‘Sale Deed’ which should be registered under the Registered Act, 1908.
(5) Sale of immovable property attracts stamp duty under the Indian Stamp Act.
Thanks
