How many types of Property available under the Law?
How many types of Property available under the Law?

How Many Types Of Property Available Under the Law?

Introduction:

When we think about a property, we have many questions, such as, What can be called a property? How to define, What is property? This question arises because of the Large and Wider concept of property. When we are talking about the types of property Concepts in India, the property may be Tangible, intangible, moveable, immovable, a piece of land, etc., Can be covered in the property Concept in India.

Here, we can say that the property is directly related to the person according to the right, whether that natural person, like a human or a legal person, like a company, Etc. This article addresses the types of Property in India in detail. According to the subject, what Types of Property are defined in the law? And What Type of Property is available in India, etc. When we talk about property, a question arises in our mind. 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 the answer to these questions. The following types of property can be covered 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 transferred from one place to another place 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).

Case laws:

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 we should know.

  • According to the Registration Act of 1908, there is no need to require registration of movable property.
  • The transfer of movable property is easy compared to Immovable property.
  • This property type may be covered under the (GST) General Sales Tax or Central Sales Act, whatever is applicable subject to the Movable property.

Immovable property:

Immovable property is a type of property that can not be moved from one place to another. 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 be registered If exceeding the value of such property Rs.100, according to the Registration Act, 1908.
  • Registration is required- such property is not easily transferred compared to movable property. The transfer can be completed 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 a type of property that physically exists and that anyone can touch or feel.

This property can easily moved by human efforts. Such property can not be directly attached to the earth like immovable property. That way, anyone can move such property without damaging it from one place to another. If we see the example of that property, it includes furniture, Goods, clothes, jewelry, art, books, computers, automobiles, etc., called tangible property.

Intangible property means such type of property that does visibly not exist. That way, no one can feel or touch it. However, it has some value. Such type of property can be called Personal Property. The owner of such property has the right to enjoy and use it. If we see the example of such property, we can say that negotiable instruments, bonds, securities, patents, trademarks, shares, etc. We can call it intangible property.

(3) Private property and Public property:

An individual or legal person owned a property is called private property. Private property can include tangible or intangible property, for example, land, machinery, goods, copyrights, buildings, 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 a hospital, park, highway road, public school, railway, state transport, or other amenities, etc. That is managed by the government and is called Public property.

(4) Personal property and Real property:

A property owned by an individual is called personal property. Any tangible or intangible property can be personal property. Here, one thing is that all property rights can be included in this property.

Here, we need to understand the concept of real property not in a micro sense but in a macro sense. Real property means land, including any development made on the land.

This concept is covered in immovable property and land development such as making construction and building using materials like cement, wood, steel, etc. That kind of property is also called real estate property. For example, we can say that roads, mines, buildings, factories, crops, etc., are created by development and fixed with the land.

(5) Corporeal property Incorporeal property:

Corporeal property means such type of property that can be touched and felt. Here, the material part of this property is a right of ownership. All kinds of tangible property can be covered into corporeal property.

To better understand that concept, we can divide it into two parts. The first is movable and immovable property, and the 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. That can not be touched or felt. However, that has some legal value.

Here, one more important thing is that the ownership right is not an effective part. This type of property is also called intellectual property.

The corporeal and incorporeal properties are also divided into two categories, which are given below:

(1) Jura in re Propia that has material things like copyrights, trademarks, patents, etc.

(2) Jura in re Aliena has material and immaterial things. For example, we can say that leases, servitudes, securities, etc.

Reference:

(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).

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