(ii) since the Allotee receives ownership of the property through the issuance of a letter of award and the payment of the rate is only a follow-up measure followed by the surrender of the property, the letter of award cannot be considered as a sale agreement. ITAT confirmed the addition of u/s 56 (2) (vii) (b) of the Income Tax Act. In cases where the investment is invested in an under-built or unfinished project, an award letter serves as a decisive document when buying the house of your dreams. The letter of attribution is a form of privacy/indication that the property has been assigned to you. It indicates yours when all the conditions are met in the letter of attribution. An allowance does not imply ownership of the property. The Tribunal found, however, that the immediate remedy did not concern the contractor`s promised allocation in the building code, which is substantially identical to the conditions for attribution and construction by DDA. In this case, therefore, the notator`s case was different from that of the evaluator. A deed of sale is a legal document that proves that the seller transferred absolute ownership of the property to the buyer.
Through this document, the rights and interests of the property are acquired by the new owner. A sales statement usually consists of the following information- The Supreme Court also confirmed the importance of the sales contract between the owner and the buyer, since it recently decided that the deadline for the allocation of a dwelling unit to a home buyer must be taken into account from the date of the owner-buyer agreement and not from the date of registration of the project in accordance with the Real Estate Act (regulation and development) 2016. The court also ordered the rera authorities to order the payment of compensation by the contractor, in accordance with the sales contract whose unsealability was upheld by this decision. Signing a purchase agreement becomes important given several factors. First, it is legal proof that the buyer and seller enter into an agreement on the basis of which the future approach will be decided in the event of a dispute. Also, if you apply for a home loan, the bank would not accept your application until you sign a sales contract. The Tribunal found that the dispute over the obtaining of real property, that is, between the “letter of award” of 27.04.2012 and the “sale agreement” of 10.09.2014, took place. The above definition shows that a purchase agreement contains a promise to transfer the property in question in the future under certain conditions. This agreement itself therefore does not create any rights or interests on the property for the proposed buyer. No, the owner cannot cancel the booking after a letter of award has been issued. If he wishes to cancel the booking, he must send a notice to the buyer and refund the money paid.
If the buyer continues to show that he is ready and willing to honour his contractual obligations, he can pursue the agreement and the owner is required to execute the contract registered for sale with him. If the seller does not sell or return the property to the buyer, the buyer is entitled to a special benefit in accordance with the provisions of the Specific Relief Act of 1963. A similar right is available to the seller as part of the agreement to require a certain benefit from the buyer. In this context, we would discuss the main differences between the two documents. Under the Transfer of Ownership Act, a sales contract, with or without property, is not transportation.