Section 21 in The Transfer Of Property Act, 1882
21. Contingent interest.—
Where, on a transfer of property, an interest therein is created in favour ... happen, such person thereby acquires a contingent interest in the property. Such interest becomes a vested interest, in the former case, on the happening
every description of interest including present or future or vested or contingent interest arising out of, or incidental to, property; (28) "regulations" means the regulations
shall all die under the age of 18. D has a contingent interest in the legacy until A, B and C all die under ... survive the testator. B and C each take a contingent interest in the estate until the event which is to vest
happen, such person thereby
acquires a contingent interest in the property. Such interest
becomes a vested interest, in the former case, on the happening ... interest becomes a vested interest.
11. In Rajes Kanta Roy v. Santi Debi (supra), this Court considered the
distinction between `vested interest' and `contingent
between a vested interest and a contingent
interest. An interest is said to be a vested interest when
thee is immediate right of present enjoyment ... happen, such person
thereby acquires a contingent
interest in the property. Such
interest becomes a vested interest,
in the former case, on the
happening
absolutely to one sum of 5,000 rupees, and takes a contingent interest in another sum of 5,000 rupees
that the benefit or interest which the minor daughters were to get was not a vested one but was contingent upon each of the daughters
enjoyed a
property or an interest in property; (b) the interest in a
property might be either vested or contingent; (c) but that
interest should ... possessed or
enjoyed the property or interest in property, the interest
in property might be either vested or contingent but
interest should be that with
contingent, the accumulations do not become the monies of the daughters until the contingency arises but when the contingency arises the interest of the daughters ... Income-tax Act to include contingent interest before the contingency
arises. A person having contingent interest in the accumulation does not
hold the said interest
possibility coupled with interest. Where interest in corpus is given to a donee under a settlement and such interest is contingent on the happening ... nature and quality of the interest of the assessee in the corpus : Is it a vested interest or contingent interest ? Now, in cases of this
