Property’ is a huge concept which could not be summed up with a mere definition in a few words. This could be the reason as to why the lawmakers were not able to bring a concrete definition neither under the Transfer of Property Act nor the Registration Act. To understand in simple words, property could be understood as to what could be owned, controlled and managed, and also has a certain market value. Since the concept is too vast, different kinds of property can also be based on discrete factors which are mentioned below.
Kinds of property as per the Transfer of property Act, 1882
The legal provision regulating the transfer of property in India is known as the Transfer of Property Act, 1882. It uses terms such as moveable, immoveable, tangible and intangible when it comes to categorising different types of property. Although the terms have not been defined under the TPA Act, the terms movable and immovable property have been explained under the Registration Act, 1908.
Movable and Immovable Properties
As the name suggests, categorization of the property is based on such things which could be easily moved, while others which can not be moved or could be damaged if moved from one place to another. It has to be understood that the transactions of property will be valid for both movable and immovable property as per the Transfer of Property Act, 1882.
According to Section 2(6) of Registration Act, 1908 - “Immovable Property” will include land, buildings, rights to ways, lights, ferries, hereditary allowances, fisheries or any other benefit which could be gained from such land and other things attached to the earth or are permanently fastened to anything attached to the earth, however standing timber, growing crops or grass are included. Some other examples for immovable property are inheritance, fishery, farm, etc.
As per Section 2(9) of Registration Act, 1908 - “Movable Property” includes standing timber, growing crops and grass, fruits on the trees and property of every other description except for the immovable property. Other examples of movable property include things such as almirah, other furniture, cash currency, etc.
Tangible and Intangible Property
As could be understood by the term tangible property is something which has physical existence and has some pecuniary value. Among different types of property, some of the examples of tangible property will include jewellery, cars, books, electronic gadgets, etc.
While, intangible property is the kind of property which holds certain value but can not be touched, i.e. it lacks physical existence. Some of the examples of intangible property include securities, bonds, computer softwares as well as all kinds of intellectual properties. In other terms, intellectual property could be said to be a sub-category of intangible properties.
Some other kinds of properties in India
Intellectual Property
Something which is a result of the creative minds of a person, turning out to be useful, including a literary work, an invention, or a business identity, etc. Literary works are protected by copyrights, patents are issued to protect inventions, trademarks to safeguard the goodwill of a business, etc. The property law in India does not include provisions related to intellectual property rights per se, it is considered as a separate stream of law.
Corporeal and Incorporeal Property
Property with physical existence, which could be touched, felt, and could be owned by someone materially, could be called as corporeal property. Some of the examples of corporeal types of property include jewellery, e-gadgets, crops, etc.
While incorporeal property include various types of property rights, it could mainly be understood as invisible properties such as copyright, patents, mortgage, lease, etc. this kind of property can neither be touched or seen, however it could be owned by a person.
Public and Private Property
As could be understood from the name itself, public property is the kind of property owned by the state or central government and is used for public use. Some of the examples include parks, hospitals, government schools, etc.
On the other hand, private property is owned by a private or juristic person/ organisation for personal use. Some of the examples of private property include land, chattels, houses, trademarks etc.
Conclusion
From the above discussion, one may have a precise idea of the kinds of property which exist in India, the basis of their differentiation, etc. Documentation related to the property, especially in case of the immovable ones, could be a bit complicated. Therefore, it is suggested for any confusion, you should talk to a lawyer or seek free legal advice from an experienced advocate.
Lead India offers you a team of experienced advocates who could provide you with much needed legal guidance for civil and criminal matters. For example, if you are involved in a criminal case and require proper legal guidance from Property Lawyers In Coimbatore, Property Lawyers In Nashik, Property Lawyers In Hyderabad or criminal lawyers in your city, you may contact us.
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