Legal, Financial (taxation) and Current topics-Neeraja Blog

  Q. State the difference between movable and immovable property  MOVABLE PROPERTY IMMOVABLE PROPERTY DEFINITION Movable property is not defined under Transfer of Property Act. • As per General Clauses Act, 1897 Movable property means “property of every description except immovable property”. As per Section 2(9) of Registration Act it include property of every description excluding immovable property but including standing timber, growing crops and grass.    Example of movable property- Machinery fixed on land temporary. Intellectual property right.  Standing timber and growing grass Right to recover maintenance allowance.   Royalty  Copyright Not defined under Transfer of Property Act. As per Section 3, immovable property does not include standing timber, growing crop and grass. Standing timbers are tree fit for use for building or repairing houses.  This ...

The Transfer of Property Act [TPA] or TOPA came into existence in 1882. Before that, the transfer of immovable property was governed by principles of English law and equity. The preamble of Act sets out the objectives of the legislation. Scope of this Act is limited. It applies only to transfer by the act of parties and not by operation of law. Also this Act deals with a transfer of property inter vivos, i.e., a transfer between living persons. It contains transfer of both movable and immovable property but a major portion of the enactment is applicable to the transfers of immovable properties only. The Act is not exhaustive. Q State the essential elements of immovable properties? The word “property” has not been defined in the Act, but it has a very wide meaning and includes properties of all descriptions. It includes movable properties such as case, books, etc., and includes immovable properties also such as lands or houses. It also includes intangible properties such as ownership, ...