https://www.taxtmi.com/caselaws?id=64193 An agreement for sale transferring an assessee's rights in a flat constituted a transfer of a capital asset for capital gains purposes. The definition of "transfer" under section 2(47) is wide and includes extinguishment of rights; here, the assessee's hire-purchase rights, including possession, enjoyment and the right to obtain conveyance, were passed in full to the purchaser for consideration, and possession was delivered. The right to obtain conveyance was treated as property and therefore a capital asset under section 2(14). The transaction was thus taxable, and capital gains were correctly assessed in the assessee's hands. en-us Fri, 21 Nov 1986 00:00:00 +0530 Sat, 05 Feb 2011 13:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64193 An agreement for sale transferring an assessee's rights in a flat constituted a transfer of a capital asset for capital gains purposes. The definition of "transfer" under section 2(47) is wide and includes extinguishment of rights; here, the assessee's hire-purchase rights, including possession, enjoyment and the right to obtain conveyance, were passed in full to the purchaser for consideration, and possession was delivered. The right to obtain conveyance was treated as property and therefore a capital asset under section 2(14). The transaction was thus taxable, and capital gains were correctly assessed in the assessee's hands. Case-Laws Income Tax Fri, 21 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64193