Property Tax - Law Dictionary Search Results
sale
sale 1 a : the transfer of title to property from one party to another for a price ;also : the contract of such a transaction see also short compare barter, donation, exchange, gift absolute sale : a sale that takes place without conditions and with title simply passing to the buyer upon payment of the price compare conditional sale in this entry bulk sale : a sale not in the ordinary course of the seller's business of more than half of the seller's inventory called also bulk transfer NOTE: Article 6 of the Uniform Commercial Code governs bulk sales. Under section 6-102(c), in order for a sale to be considered a bulk sale, the buyer (or an auctioneer or liquidator if the sale is an auction) must have been given notice or been able upon reasonable inquiry to have had notice that the seller will not afterward continue to operate the same or a similar kind of business. cash sale : a sale in which payment must be made in cash NOTE: Under U.C.C. section 2-310, payment must be made ...
Capital asset
Capital asset, The expression 'capital asset: is defined in S. 2(14) of the Income-tax Act, 1961 to mean 'property of any kind held by an assessee'. It is of the widest amplitude, and apparently covers all kinds of property except the property expressly excluded by clause (i) to (iv) of the sub-s. which, it will be seen, does not include goodwill. But the definitions in S. 2 are subject to an overall restrictive clause, CIT v. B.C. Srinivasa Setty, (1981) 2 SCC 460 (463): (1981) 2 SCR 938: AIR 1981 SC 972.Includes capital asset as property of any kind held by the assesse, A.R. Krishna Murthy v. CIT, (1989) 1 SCC 754: AIR 1989 SC 1055 (1057). (Income Tax Act, 1961, s. 214)...
Gift, 'transfer of property
Gift, 'transfer of property', the definition of 'gift' makes it clear that there has to be a transfer by one person to another of movable or immovable property; such transfer has to be voluntary and without consideration in money or money's worth. What is, therefore, absolutely essential for the purposes of a gift is a transfer of property. 'Transfer of property' is defined for the purposes of the Gift-tax Act as any disposition or conveyance, or assignment or settlement or delivery or payment or other alienation of property, C.G.T. v. T.M. Louiz, (2000) 7 SCC 486: AIR 2000 SC 3136 (3138). [Gift-tax Act, 1958, ss. 2(xii) & (xxiv), 3 and 4]...
use tax
use tax : a tax imposed on the use of personal property and esp. property purchased in another state ;specif : a one-time tax imposed on the exercise or enjoyment of any right or power over tangible personal property that is incident to the ownership, possession, custody, or leasing of it [a law allowing the payment of a sales tax to be credited against the amount of use tax due] [the manufacturer became liable for a use tax when items were withdrawn from inventory for internal use] ...
Particulars of sale
Particulars of sale, description of property offered for sale by auction. The property should be described with as much minuteness and accuracy as possible. It is the duty of a vendor to make himself duly acquainted with the peculiarities and incidents of the property he is going to sell; and when he describes it for the information of the purchaser to describe everything material to be known in order to judge of its nature and value, and on the sale of a partial interest, any substantial variation from the description will even at law render the contract voidable, see Flight v. Booth, (1834) 1 Bing NC 77, per Tindal, C.J. If there be anything connected with the property important to be known which cannot be discerned or may be misapprehended by ocular inspection, it ought to be stated in the particulars: see Dav. Prec. Conv. Vol. i. On the sale of property of any considerable size the particulars are usually accompanied by a plan. In sales by auction the conditions of sale are general...
Belong
Belong, the expression 'belong' has been defined as follows in the Oxford English Dictionary, 'To be the property or rightful possession of'.Mere possession, or joint possession, unaccompanied by the right to, or ownership of property would therefore not bring the property within the definition of 'net wealth' for it would not then be an aset 'belonging' to the assessee, C.W.T. v. Bishwanath Chatterjee, (1976) 3 SCC 385: AIR 1976 SC 1492 (1494). [Wealth-tax Act, 1957 s. 3 and 2(m)]The word 'belong', necessarily does not reflect title to the property in the sense of ownership. It only denotes connection with property and is a term connecting a person with his possession, Surinder Kaur v. Madan Gopal Singh, AIR 1980 P&H 334....
Wreck
Wreck, such goods, including the ship or cargo or any part [(English) Merchant Shipping act, 1894 (57 & 58 Vict. c. 60], ss. 518 to 522, and Hals. L. E., sub tit. 'Shipping'; Part XII., 'Wreck,'), as, after a shipwreck, are afloat or cast upon the land by the sea. According to an old definition (Jacob's Law Dict., tit. 'Wreck') they were not wrecks so long as they remained at sea in the jurisdiction of the Admiralty. By s. 510 of the (English) Merchant Shipping Act, 1894, 'wreck' includes in that Act 'jetsam, flotsam, and derelict found in or on the shores of the sea or any tidal water.'The term is used in several senses, e.g., a ship which is so damaged as to be unable to continue her voyage is a 'wreck' for the purposes of s. 158 of the M.S. Act, 1894; and Barras v. Aberdeen Steam Trawlers, 1933, AC 402, under the (English) Merchant Shipping (International Labour Conventions) Act, 1925 (15 & 16 Geo. 5, c. 42); The Olympic, 1913 P. 92. The old distinction appears to be that if propert...
Eminent domain
Eminent domain, the right which a Government retains over the estates of individuals to resume them for public use.The right of 'eminent domain' is the right of the sovereign State, through its regular agencies, to reassert, either temporarily or permanently, its dominion over any portion of the soil of the State including private property without its owner's consent on account of public exigency and for the public good. Eminent domain is the highest and most exact idea of property remaining in the Government, or in the aggregate body of the people in their sovereign capacity. It gives the right to resume possession of the property in the manner directed by the Constitution and the laws of the State, whenever the public interest requires it. The term 'expropriation' is practically synonymous with the term 'eminent domain', Jilubhai Nanbhai Khachar v. State of Gujarat, AIR 1995 SC 142 (158): 1995 Supp (1) SCC 596.The inherent powers of governmental entity to take privately owned propert...
Devise
Devise [fr. deviser, Fr., to sort into parcels], a gift or disposition by will. The giver is called the devisor or testator, the person to whom it is given the devisee. This word is properly only applied to real property, but, in wills, it may, upon construction, transmit personal property as well as the word bequeath, the proper term-and vice versa. See Hall v. Hall, (1892) 1 Ch 361....
Salary or wages
Salary or wages, means all remuneration (other than remuneration in respect of over-time work) capable of being expressed in terms of money, which would, if the terms of employment, express or implied, were fulfilled, be payable to an employee in respect of his employment or of work done in such employment and includes dearness allowance (that is to say, all cash payments, by whatever name called, paid to an employee on account of a rise in the cost of living), but does not include--(i) any other allowance which the employee is for the time being entitled to;(ii) the value of any house accommodation or of supply of light, water, medical attendance or other amenity or of any service or of any concessional supply of foodgrains or other articles.(iii) any travelling concession;(iv) any bonus (including incentive, production and attendance bonus);(v) any contribution paid or payable by the employer to any pension fund or provident fund or for the benefit of the employee under any law for t...
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