Cancellation of laser frequency noise in interferometers is crucial for attaining the requisite sensitivity of the triangular 3-spacecraft LISA configuration. Raw laser noise is several orders of magnitude above the other noises and thus it is essential to bring it down to the level of other noises such as shot, acceleration, etc. Since it is impossible to maintain equal distances between spacecrafts, laser noise cancellation must be achieved by appropriately combining the six beams with appropriate time-delays. It has been shown in several recent papers that such combinations are possible. In this paper, we present a rigorous and systematic formalism based on algebraic geometrical methods involving computational commutative algebra, which generates in principle {\it all} the data combinations cancelling the laser frequency noise. The relevant data combinations form the first module of syzygies, as it is called in the literature of algebraic geometry. The module is over a polynomial ring in three variables, the three variables corresponding to the three time-delays around the LISA triangle. Specifically, we list several sets of generators for the module whose linear combinations with polynomial coefficients generate the entire module. We find that this formalism can also be extended in a straight forward way to cancel Doppler shifts due to optical bench motions. The two modules are infact isomorphic. We use our formalism to obtain the transfer functions for the six beams and for the generators. We specifically investigate monochromatic gravitational wave sources in the LISA band and carry out the maximisiation over linear combinations of the generators of the signal-to-noise ratios with the frequency and source direction angles as parameters.