Section 2(47) & 45 of the Income Tax Act, 1961—Capital gains—In terms of section 2(47) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of the Property Act, 1882 would qualify as a transfer and if a person contracts to transfer for consideration any immovable property in writing from which the terms necessary to constitute the transfer can be ascertained with reasonable certainty, then it would qualify for part performance of a contract—P Madhusudan vs. Assistant Commissioner of income tax [2019] 419 ITR 194 (Madras)