20 January 2009
Outright purchase is the transaction whereby the property or goods in question is entirely purchased at once with complete rights on payment of full consideration and without any reservation or qualification.
Example: Pay full price of say, Rs. 5lac and take the delivery of car. as against the Car purchased with bank finance with hypothecation charge registered.
Any item purchsed under Hire-purchase or Instalment purchase is not an outright purchase.
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