https://www.taxtmi.com/caselaws?id=64896 A deed will be treated as a mortgage by conditional sale, rather than a sale with an option to repurchase, where the surrounding terms show that the transferor needed money, remained in possession, paid monthly consideration, and the transferee's ownership depended on default. Here, the right to retransfer on repayment within three years, the existence of debt, and acceptance of part repayment supported the conclusion that the transaction was intended to secure a debt under section 58(c) of the Transfer of Property Act. Accordingly, only the mortgage debt of Rs. 10,000, and not the full property value, was includible in net wealth. en-us Wed, 15 Feb 1984 00:00:00 +0530 Tue, 22 Feb 2011 12:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64896 A deed will be treated as a mortgage by conditional sale, rather than a sale with an option to repurchase, where the surrounding terms show that the transferor needed money, remained in possession, paid monthly consideration, and the transferee's ownership depended on default. Here, the right to retransfer on repayment within three years, the existence of debt, and acceptance of part repayment supported the conclusion that the transaction was intended to secure a debt under section 58(c) of the Transfer of Property Act. Accordingly, only the mortgage debt of Rs. 10,000, and not the full property value, was includible in net wealth. Case-Laws Wealth-tax Wed, 15 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64896