Property is not merely a piece of land or some asset. Property is a relation of a person, juristic person or entity with on object upon which such person holds a right over it. Property has a very wide meaning in its real sense. It is not only includes financial wealth and other tangible things of value but also includes intangible. These tangibles and intangibles can be any thing that can serve as a source of income or wealth. You can understand more about its nuances in india. Human life is not possible without property.
Historical Theory of Property :
According to historical theory- The concept of private property had grown out of collective group or joint property.
In the words of Henry maine:
“Privet property was chiefly formed by the gradual disentanglement of the separate right of individual from the blended rights of the community”
Earlier property did not belong to individual, not even to isolated families, but the larger society can posed on patriarchal mode. Later with the disintegration of family individual right come into being.
Roscoe pound :
Also pointed out that the earliest form of property was group property. It was later on that families were partitioned and individual property come into being.
Definition of property :
There are different definition given in different Act as per their uses and needs. But the most important act which exclusively talk’s about the property and rights related to property. It is defined in act those.
Section 2(c) Bemani Transaction (prohibition) Act,1988,
It defines property as : “property” means property of any kinds, whether movable or immovable, tangible or intangible and includes any right or interest in such property.
According to Section 2(11) of sale of goods act 1930:
define properties “property” means the general property in goods and not merely special property.
Mainly two different types of property in India
(1) Movable Property (2) Immovable Property
Movable Property :
Movable property defines these act-
(1) As per Section 3(36) of the General Clauses Act Movable property shall mean the property of every description, except immovable property.
(2) As per law under section 2(9) of the Registration Act, 1908, Movable property includes standing timber, crops and grass. fruit upon and juice in trees and asset of every other description, except immovable ones.
(3) Section 22 of Indian penal code defines movable ones as, the words ” movable property ” are intended to include corporeal part of every description, except land and things, which is attached to the earth.
Immovable Property :
Immovable property define is Transfer of property Act 1882 and General Classes Act.
(1) According to section (3) of Transfer of property act describes an immovable asset as all the immovable objects and rights, except timber, grass and crops.
(2) According to section 3(26) of General Clauses Act, describes the immovable property as “immovable property” shall include land, benefits to arise out of land and things attached to the earth, or permanently fastend to anything attached to the earth.
(3) According to section 2(6) of Registration Act 1908, defines immovable property, according to section 2(6) as “Immovable property” includes land buildings, here ditary allowances, rights to ways, lights, any things attached to the earth or permanently fastened to anything which is attached to the earth but not standing timber, growing crops nor grass.
Section 269 UA of the Income Tax Act 1961 :
According to section 269UA Income Tax Act immovable property means-
(1) Any land or any building or part of a building and includes where any land or any building or part of a building is to be transferred together with in any machinery, plant, furniture, fittings or other things.
(2) Any rights in or with respect to any land or any building or part or the building, which has been constructed or which is to be constructed, accruing or arising from any transaction. Not being a transaction or part of a building.
Shiv Dayal Vs Putti Lall. (1)
In this case Mr. Justice Holloway said
Movability may be defined to be a capacity in a thing of suffering alteration in the relation of place, Immovability is capacity for such alteration. If , how ever thing can not change its place with out injury to the quality, it is immovable.
Major differences of Movable and Immovable Property :
(A) It is clear that movable property is that which can moved from one place to another place without any damages. But Immovable property, on the other hand is the one which can not be moved and those thing which are attached to the earth but with certain exceptions.
(B) Movable property is subjected to sale and goods act 1930. And immovabl property subject to Transfer of Property Act 1882 and this act deals with immovabl property like gift, sale, mortgage, lease and exchange.
(C) A Movable property need not be registration under the Registratio Act 1908. But when immovable properties exceeding the value Rs 100 must be registered under the Registration Act 1908.
(D) Transfer of movable property is easy, because no specific procedure but Transfer of immovable property is not easy, because some specific procedure under the Registration Act 1908 and Transfer of Property Act 1882. The immovable property will add to the ancestral impartible estate while the movable property will not.
Example of Movable and immovable Property :
Movable property includes Vehicles, timber,crops,beds etc.
Immovable property examples are land and building etc.
Subramaniam firm Vs Chidambaram.(2)
In this case Supreme court held that those property attached to soil itself and permanent beneficial enjoyment attached to soil is immovable property. but if the attachment is merely for the beneficial enjoyment of the chattel itself is movable property.
Shantabai Vs State of Bombay.
Supreme court held that in this case
Was of view that where the owner of a tree is interested in further vegetative growth of the tree. It is a tree ( immovable) but if, it is intended to cut the cut the tree reasonably early, the tree is a standing timber.
Mainly kinds of two types of property but according to definition many type of property like.
(1) Tangible and Intangible Property
(2) Private and Public Property
(3) Personal and Real Property
(4) Corporal and incorporal Property
(1) Tangible and Intangible Property
In law is the word Tangible refers to something that has a definable physical form that can be felt or touched.
Ex Grass, Tinger, ball etc.
Intangible property- also know as in corporeal property, describe something which a person or corporation can have ownership of and can transfer ownership of to another person or corporation, but has no physical substance.
Like copy right, patent and trademark etc.
(2) Privet Property and Public Property
Distributing public property into society between separate participants there is no exchange, and does not change owner. Because of that public property in that society, being a product is not a commodity, and possessing a place can not have a value.
The owner of private property can control, It at own discretion. Where in the state reserve. The right to change taxes and nationalize, than personal use it. Privet property as a fundamental social relation of bourgeo is society, where it is used for appropriation of labor by capitalists. Public property will replace the private property, as a natural historical change of a property relationship.
(3) Personal and Real Property
Personal property is anything you can move and is subject to ownership (except land). Real property can not be moved and is anything that is attached to land.
Generally, determining the clarification for a property is simple since the differences are straight forward. However, there are cases where it is more difficult to determine what type of property you are dealing with.
For instance, let say you want to build a shed in your backyard. If you visit home depot and purchase the material such as lumber and other tools, this is personal property. But once you build the structure and it is attached to the land , it become real property.
Corporeal Property And Incorporeal property
Corporeal property has a tangible existence in the world and is related to material things such as land and house etc.
Incorporeal property is intangible because it is existence is neither visible nor tangible, right of esement and copyright are incorporeal property.
Corporeal Property is divided into two classes-
(a) Movable property. (b) Immovable Property. (c) Real and personal Property.
Incorporeal Property is divided into Two classes-
(1) Jura in re Propria over material thing ( for example Copyright patent etc)
(2) Jura in re Aliena encumbrances whether over material or immaterial thing’s, (for example Lease, mortgages and servitude etc).
Lastly I want to conclude the article by saying that property mainly Two types. But base of nature and according to Many Act definition Property are many types. Those I will clarify in this article.
Footnote of Case’s
(1) A.I.R.(1933) Allahabad High Court, 4491
(2) A.I.R. (1940) Madras High court,527.
(3) A.I.R (1958) Supreme Court, 532.
Reference: (1) The Transfer of Property Act – 13th edition written by mulla
(2) The Transfer of Property Act 1882 -21 edition written by Pro. R.K. Sinha
(3) Transfer of Property Act written by Pro. G.P. Tripathi
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