Delivery of tangible immovable property takes place when the seller places the buyer, or such person as he directs, in possession of the property. Contract for sale. —A contract for the sale of immoveable property is a contract that a sale of such property shall take place on terms settled between the parties.

What is Section 54 of Transfer of Property Act Pakistan

As per section 54 “Sale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised. Sale how made Such transfer, in the case of tangible immoveable property or in the case of a reversion or other intangible thing, can be made only by a registered instrument.

What is Section 54 and 118 of Sale of Immovable Property

As per Section 54 of the Transfer of Property Act, the consideration for the sale of immovable property must be in terms of money (price). Whereas Section 118 of the TPA, which governs exchange, specifies that money can be a consideration for the exchange of money only and not any other property.

What is Section 54 and 55 of Transfer of Property Act

Section 54 provides essentials for a sale of immovable property and Section 55 deals with rights and duties of buyer and seller (parties to sale).

What is Section 54 Sale of Commercial Property

In case the entire sale proceeds (and not only the capital gain) from the sale of commercial property is invested into a new residential house, then one is completely exempted from payment of any tax on such capital gain. Time limit for making the investment is: 1 year prior to the date of sale, or.