What Is Property In Transfer Of Property Act?

What property may be transferred and what property Cannot be transferred?

Stipends related to Military, Naval, Air Forces, Civil Prisoners, government pensions, etc are personal rights and cannot be transferred.

General rule of Transfer of Property is that property of any kind can be transferred from one person to another..

What are the 4 property rights?

This attribute has four broad components and is often referred to as a bundle of rights: the right to use the good. the right to earn income from the good. the right to transfer the good to others, alter it, abandon it, or destroy it (the right to ownership cessation)

How a person can transfer property to himself?

The word “living person” includes corporations and other association of person. A transfer can be made by a person to himself, as for instance when a person vests property in trust and himself becomes the whole trustee.

Can a mortgage of real property Act land be transferred?

In every instrument, transferring an estate or interest in land under the provisions of this Act, subject to mortgage, charge or covenant charge, there shall be implied the following covenant by the transferee, that is to say, that such transferee will pay the interest, or annuity, or rent-charge secured by such …

How many sections are there in the Transfer of Property Act?

—The Chapters and sections of this Act which relate to contracts shall be taken as part of the Indian Contract Act, 1872 (9 of 1872). 1[And section 54, paragraphs 2 and 3, and sections 59, 107 and 123 shall be read as supplemental to the Indian Registration Act, 2[1908 (16 of 1908)].] 5. “Transfer of property” defined.

What kind of property Cannot be transferred?

 An interest in property restricted in its enjoyment to the owner personally cannot be transferred by him.  A right to future maintenance, in whatsoever manner arising, secured or determined, cannot be transferred.  A mere right to sue cannot be transferred.

What are the essential features of Transfer of Property Act?

The consideration or object of the transfer must be lawful. No transfer can be made for an unlawful object or consideration as provided in Section 23 of the Indian Contract Act, 1872. 6. The transfer must not be opposed to the nature of the interest effected thereby.

What are the 3 types of property?

In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property).

What do you mean by transfer of property act?

In the following sections “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, 1[or to himself] and one or more other living persons; and “to transfer property” is to perform such act.

What are the modes of transfer of property?

There are various modes of transferring ownership of property: permanently by 1) relinquishment 2) sale 3) gift; and temporarily by way of 4) mortgage 5) lease and, 6) leave and license agreement.

Who is competent to transfer the property?

Every person competent to contract and entitled to transferable property, or authorised to dispose of transferable property not his own, is competent to transfer such property either wholly or in part, and either absolutely or conditionally, in the circumstances, to the extent and in the manner, allowed and prescribed …

Is stamp duty payable on transfer of property?

Stamp duty is charged on the instruments used in the transfer of property – that is, on the conveyance documents that transfer ownership of the property. … It is also payable on non-residential property, that is, land or housing sites without residential buildings – see Rates below.