When we think about the property, then sometimes we have some questions that, What property can be exactly called?, and How to define, What is the property? This question arises because of the Large and Wider concept of property.
When we are talking about the types of property Concept in India, the property may be Tangible, intangible, moveable, immovable, piece of land, Etc, Can be covered in the property Concept in India.
Here we can say that basically, the property has directly related to the person according to the right, whether that natural person Like a human or a legal person Like a company, Etc.
In this article, we discuss the types of Property in India in detail. According to that subject, what Types of Property defined in the law? And, What Type of Property is available in India, etc.
When talking about property, there is a little question that arises in our mind that how many types of property are available and how to define them in different categories like movable or immovable property?
Here we are trying to get that answer to these questions. The following types of property can cover in India.
Types of Property:
(1) Movable property and Immovable property.
(2) Tangible property and Intangible property.
(3) Private property and Public property.
(4) Personal property and Real property.
(5) Corporeal property Incorporeal property.
Now we know the details of those properties.
(1) Movable property and Immovable property:
Movable property is that which can be easily moved by a human effort from one place to another place without causing damage to it.
In simple words, we can say that Movable property is such property that can be possibly transferred from one place to another places with human effort.
Definition of movable property:
The definition of movable property is defined in various laws for specifying the words “movable property” with a specific purpose.
According to the Registration act,1908, under section 2(9), “movable property” includes standing timber, growing crops and grass, fruit upon and juice in trees, and property of every other description, except immovable property.” (1).
According to Section 22 of India Penal Code,1860, “Movable property”. The words “movable property” are intended to include corporeal property of every description, except land and things attached to the earth or permanently fastened to anything which is attached to the earth.” (2).
According to the General Clause Act,1897 Under Section 3(36), “movable property” shall mean the property of every description, except immovable property.” (3).
Here to better understand movable property we can refer to the case laws, in the case of Nanhe Lal v. Ram Bharose, AIR 1938 All 115 (A), The Allahabad High Court held that The immovable property was not a grove consisting of Sheesham and Nim trees. It was just hypothecation of the movable property. (4).
In the case of Ram Kumar v. Krishna Gopal, AIR 1946 Oudh 106 (D), A tree in Babul was considered to be wood and was therefore regarded as movable property. (5).
Essential of Movable Property:
Here, after the knowledge of the definition of Movable property, it has some essentials which are we should know.
- According to the registration act,1908, there is no need to require registration of movable property.
- As registration does not require that way, the transfer of movable property can easy to compare to Immovable property.
- This type of property may be covered, under the (GST) General Sales Tax, or Central Sales act, whatever is applicable subject to the Movable property.
Immovable property means such type of property, which can not possibly be moved from one place to another place. This type of property directly connects or is attached to the earth.
Definition of Immovable property:
The definition of immovable property is defined in various laws in India. Those are given below.
According to section 2(6) of the Registration act,1908, Immovable property means “immovable property” includes land, buildings, hereditary allowances, rights to ways, lights, ferries, fisheries, or any other benefit to arise out of the land, and things attached to the earth or permanently fastened to anything which is attached to the earth, but not standing timber, growing crops nor grass.” (6).
As per the General Clause Act,1897 Under Section 3(26), a definition is defined as “Immovable property” shall include land, benefits to arise out of land and things attached to the earth, or permanently fastened to anything attached to the earth.” (7).
Essentials of immovable property:
- Immovable properties must require to the registered, If exceeding the value of such property value Rs.100, according to the registration Act, 1908.
- As registration is required, the transfer of such property is not easy to compare to movable property. The transfer can complete after the registration of such property.
- Immovable property can be added as ancestral joint property.
- Registration fees and stamp duty can be applied at the time of the registration of that property.
(2) Tangible property and Intangible property:
Tangible property means such type of property which physically exists and that anyone can touch or felt.
Such type of property can be easily moved by human efforts. Such type of property can not be direct attached to the earth like immovable property. That way, anyone can easily move without damage such type of property from one place to another place.
If we see the example of that property, generally it includes furniture, Goods, clothes, jewellery, art, books, computer, automobile, Etc, called tangible property.
Intangible property means such type of property which does visibly not exist that way no one can felt or touch it. However, it has some value. Such type of property can call Personal Property too. The owner of such property has the right of enjoying and using it.
If we see the example of such property, we can say that negotiable instruments, bonds, securities, patents, trademarks, shares, Etc, we can call intangible property.
(3) Private property and Public property:
Private property means that type of property that is owned by an individual or legal person. private property can be included, as tangible, intangible, for example, land, machinery, goods, copyrights, building, patents, Etc, a person can use and get the benefit of such kind of property.
Public property is defined as owned by Public means property of the Country or the State. Generally, the Government of the Country or State can manage and maintain such property for the usage and benefit of the public.
Such type of property does not include private or individual property. For an example of that property, we can say that hospital, park, highway road, public school, railway, state transport, or other amenities which is managed by the government, Etc, called Public property.
(4) Personal property and Real property:
A property owned by an individual is called personal property, any kind of tangible or intangible property can be personal property. Here one thing is that all kinds of property rights have can be included in this type of property.
Here we need to understand the concept of real property not in a micro sense but a Large sense. Real property means land as well as including any kind of development made on the land.
This concept is covered in immovable property, as well as land development like making construction, building with using of material like cement, wood, steel, etc.
That kind of property is also called real estate property, for example, we can say that roads, mines, buildings, factory, crops, etc which is created by development and fixed with the land.
(5) Corporeal property Incorporeal property:
Corporeal property means such type of property which can be touch and felt, here the material part of this property is a right of ownership. All kinds of tangible property can be covered into a corporeal property.
To better understand that concept we can divide it into two parts, first one is movable and immovable property. And second is personal and real property.
On the other side when we talk about Incorporeal property we can say such type of property means all kinds of intangible property, which can not be touch or felt, but that has some legal value according to the law.
Here one more important thing is that the ownership right is not an effective part of this thing. This type of property is also called intellectual property.
The corporeal and incorporeal property has also divided into two categories, which are given below.
(1) Jura in re Propia that has material things like copyright, trademarks, patent, etc.
(2) Jura in re Aliena that has material things and immaterial things, for example, we can say that lease, servitudes, securities, etc.
(1) Registration act,1908, under section 2(9).
(2) Section 22 of India Penal Code,1860.
(3) General Clause Act,1897 Under Section 3(36).
(4) Nanhe Lal v. Ram Bharose, AIR 1938 All 115 (A).
(5) Ram Kumar v. Krishna Gopal, AIR 1946 Oudh 106 (D).
(6) section 2(6) of the Registration Act,1908.
(7) General Clause Act,1897 Under Section 3(26).