https://www.taxtmi.com/caselaws?id=37114 For capital gains under section 45 of the Income-tax Act, 1961, a transfer requires an effective conveyance of the capital asset within the meaning of section 2(47). A mortgage under section 58(a) of the Transfer of Property Act, 1882 transfers only an interest in specific immovable property, not the totality of ownership rights, and therefore is not a transfer of the capital asset for capital gains purposes. On that basis, the mortgages created in 1934 and 1935 were not transfers; the taxable transfer arose only on the court sale in 1964, and the capital gains charge was upheld in favour of the Revenue. en-us Tue, 03 Apr 1979 00:00:00 +0530 Fri, 26 Mar 2010 14:17:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37114 For capital gains under section 45 of the Income-tax Act, 1961, a transfer requires an effective conveyance of the capital asset within the meaning of section 2(47). A mortgage under section 58(a) of the Transfer of Property Act, 1882 transfers only an interest in specific immovable property, not the totality of ownership rights, and therefore is not a transfer of the capital asset for capital gains purposes. On that basis, the mortgages created in 1934 and 1935 were not transfers; the taxable transfer arose only on the court sale in 1964, and the capital gains charge was upheld in favour of the Revenue. Case-Laws Income Tax Tue, 03 Apr 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37114