Section 38 of ITA : Section 38: Power To Sell Under Special Conditions

Explanation using Example

Imagine that Mr. Sharma has been appointed as a trustee to manage and eventually sell a piece of real estate as per the wishes of a will. The property is to be sold and the proceeds are to be given to an orphanage. Mr. Sharma, in his role as trustee, decides to sell the property through an auction. He includes specific terms in the auction agreement to ensure the title of the property is clear and sets conditions for the evidence of title that the buyer must accept.

On the day of the auction, the bi...

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