https://www.taxtmi.com/caselaws?id=23272 An enforceable contractual right to obtain conveyance of immovable property is "property of any kind" and therefore a capital asset for capital gains purposes. Although a contract for sale does not create an interest in the property itself, the right to seek specific performance is assignable and protected against persons with notice, so its surrender for consideration amounts to a transfer within the statutory definition. The earnest money paid to acquire that right is the cost of acquisition for computing capital gains. On that basis, the capital gain was correctly computed after deducting the earnest money, and the computation was upheld in favour of the Revenue. en-us Wed, 13 Sep 1989 00:00:00 +0530 Fri, 24 Jul 2026 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23272 An enforceable contractual right to obtain conveyance of immovable property is "property of any kind" and therefore a capital asset for capital gains purposes. Although a contract for sale does not create an interest in the property itself, the right to seek specific performance is assignable and protected against persons with notice, so its surrender for consideration amounts to a transfer within the statutory definition. The earnest money paid to acquire that right is the cost of acquisition for computing capital gains. On that basis, the capital gain was correctly computed after deducting the earnest money, and the computation was upheld in favour of the Revenue. Case-Laws Income Tax Wed, 13 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23272