https://www.taxtmi.com/caselaws?id=38470 A purchaser's subsisting beneficial right under an uncompleted contract to buy immovable property is movable property and may amount to an actionable claim; it does not itself create an interest in the land. A transfer of that contractual interest requires an effective written instrument under section 130 of the Transfer of Property Act, 1882. On the facts described, the 1954 correspondence only requested conveyances in a nominee's name and did not transfer contractual rights, so the gift arose only on the tripartite conveyances executed on June 6, 1958. That transfer carried the purchaser's entire remaining contractual rights, including the right to obtain conveyance, possession, and, for the leased plot, rents and profits. en-us Fri, 22 Jul 1977 00:00:00 +0530 Tue, 06 Apr 2010 14:11:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38470 A purchaser's subsisting beneficial right under an uncompleted contract to buy immovable property is movable property and may amount to an actionable claim; it does not itself create an interest in the land. A transfer of that contractual interest requires an effective written instrument under section 130 of the Transfer of Property Act, 1882. On the facts described, the 1954 correspondence only requested conveyances in a nominee's name and did not transfer contractual rights, so the gift arose only on the tripartite conveyances executed on June 6, 1958. That transfer carried the purchaser's entire remaining contractual rights, including the right to obtain conveyance, possession, and, for the leased plot, rents and profits. Case-Laws Income Tax Fri, 22 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38470