Law: Transfer of Property Act, 1882

Section: 105

Law: Constitution of Pakistan, 1973

Section: 199

Law: Finance Act, 1989

Section: 7(2)(CA)(a)(ii)

(a) Transfer of Property Act (IV of 1882)----Preamble---Transfer of property---Nature of transaction---Principle---Where statute requires that particular kind of transfer should be effected by particular kind of instrument, such provision must be enforced with stringency---Court must give effect to the Act and must judge the particular transaction according to its provisions. (b) Transfer of Property Act (IV of 1882)--- ----S. 105-"Lease"-Essential elements. Following are the essential elements constituting a lease: (a) right must be one as to immovable property; (b) right must be that of enjoyment of immovable property; (c) there must be a transfer of such right; (d) right of transfer is an interest in property; (e) transfer must be made for a certain time express or implied, or in perpetuity; (f) transfer must be one for consideration; and (g) consideration must be of particular kind namely, premium or rent, as defined by section either or both of them. Essential feature of lease is transfer of interest to enjoy property with exclusive possession given to transferee of the property and conveyed in consideration of price paid or promised etc. (c) Finance Act (V of 1989)--- ----S. 7(2)(CA)(a)(ii)---Transfer of Property Act (IV of 1882), S. 105---Constitution of Pakistan, Art.199---Constitutional petition--Lease deed--Capital Value Tax, levy of---Petitioners assailed levy of Capital Value Tax on their plot at the rate of Rs.50/- per square yard of the landed area, on sub-lease deed executed in their favour---Validity---For all intents and purposes, consideration for granting lease was a price paid which was subsequently defined and called premium, therefore, for effecting transaction of lease of immovable property, only three indispensable components were required to be fulfilled, i.e. the "lessor", "lessee" and consideration was the "price paid" which was called premium---In order to decipher document of lease, it was essential to perceive what consideration had been made known in the document of lease itself including its tenure---Sub-lease in question granted in favour of petitioners was for a period of 99 years, which was in fact a lease in perpetuity and…

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