Similarly, Article 5, Point g) of the Act imposes stamp duty due for an agreement to sell personal property. If the possession of personal property is delivered or agreed without the execution of a deed of transport, the stamp duty provided for by this agreement is 3% (3%) the counterparty or market value of the property, depending on the higher value. In the event that ownership of the property is not delivered, liability for the stamp is limited to 20,000 INR. In addition to these provisions, a residual clause in Section 5, point d) of the KS Act provides that any agreement that is not expressly provided for in Article 5 is duly stamped in INR for two cents. Therefore, stamp duty due to a BTA in force in the State of Karnataka depends on the structure of the BTA, whether the transport activity is carried out by the parties with respect to the personal property belonging to the company and that a company purportedly transferred under a BTA can be equated with mobile or mobile real estate. In “Rajeev Bansal and Sudershan Mittal” – [2020 (4) TMI 67 – AUTHORITY FOR ADVANCE RULING, UTTARAKHAND], the applicant is a partnership company involved in the construction of residential/commercial complexes. The company was founded for the construction and sale of a residential/commercial building in Manoharpur, Jwalapur, Hardwar. The applicant has received authorization from the competent authority. The area covered was about 1.25 lakhs. A total area of 85 thousand square meters was built up to the time of transmission. Ronav Infrastructure), who worked for the same company, approached the applicant to take over this incomplete project in order to continue the construction and sale of the building in question.

The applicant entered into an agreement with Ronav Infrastructure for the sale of the company as a “current business”. The main advantage of the business is the land, the incomplete housing built in the countryside and the approved map. On 24.10.2019, the transfer of dwellings was the subject of a separate deed of sale for the transfer of apartments, as required by state law for the following 21.80. “The sale of personal property is governed by the Purchasing Act of 1930, and the regulated law is that the transfer of personal property by the delivery of the goods can take place from the seller to the buyer. This process shifts ownership of the goods from one person to another. Under the Transfer of Ownership Act of 1882, Section 54 deals with the transfer of real estate by sale. It provides that the value of the property, if it is greater than 100 points, can only be transferred if the sales number is registered in accordance with the provisions of the Indian Registration Act. However, it is relevant that land worth less than 100% can be transferred by the simple delivery of the property. It does not provide a condition for the transmission of personal property. Therefore, the law seems to distinguish between the transfer of land worth more than 100 rus, on the one hand, and, on the other hand, the transfer of personal property and the transfer of land worth less than 100 rus.

In the first case, legal property is not crossed, unless the result of the sale is recorded, whereas in a subsequent case there is no need to formalities outside the delivery of the property. Business Transfer Agreement is an agreement between the assignor and the ceding company to make a break-in sale, in which each asset and liability of one or more units transfers, sells, sells, leases or sells to another for a lump sum consideration.