https://www.taxtmi.com/caselaws?id=785273 Agreement for sale that creates an enforceable right in personam and is accompanied by transfer of possession or substantial advance consideration constitutes a transfer under the statutory definition of transfer; consequently, a prior purchase made within one year before such deemed transfer qualifies for capital gains exemption under section 54, as the purchaser acquires the right to specific performance. The requirement that the agreement create a legally enforceable right and irrevocable commitment to sell was decisive in allowing the exemption where those facts were present. en-us Wed, 26 Nov 2025 00:00:00 +0530 Mon, 19 Jan 2026 14:10:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785273 Agreement for sale that creates an enforceable right in personam and is accompanied by transfer of possession or substantial advance consideration constitutes a transfer under the statutory definition of transfer; consequently, a prior purchase made within one year before such deemed transfer qualifies for capital gains exemption under section 54, as the purchaser acquires the right to specific performance. The requirement that the agreement create a legally enforceable right and irrevocable commitment to sell was decisive in allowing the exemption where those facts were present. Case-Laws Income Tax Wed, 26 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785273