Immovable property under transfer of property act

Is transfer of property movable property? Can I transfer an immovable property? What is the transfer of Property Act? What does immovable property include?

Before jumping into further details regarding the sale of immovable property.

Let us first understand the meaning of a few keywords which are necessary in order to understand and interpret the Transfer of Property Act. See full list on legalbites. In a sale, there must be in the least two parties. For a valid sale both the buyer and seller have to be competent on the date of the sale. Price is an essential element of the sale.

Where, by the transfer , the vendor is getting rid of the liability to pay a certain sum, it cannot be said that there is no consideration for the sale. The price paid and price promised to stand on equal footing as regards the transaction of a sale.

There is nothing illegal, or contrary to public policy if the parties agree that the payment of the consideration shall be postponed in certain events, or that it shall not be paid at all if the proper. This is different in English law, wherein a contract for sale transfers an equitable estate to the purchaser, but this rule is not applicable in India. A sale occurs between two living persons be it natural or artificial.

A contract for sale does not confer any title in immovable property. Under the Act , Sale connotes to that of immovable property which encompasses tangible and intangible property , as well as rights arising out of the land. For the sale, the parties must be competent.

If the sale is of immovable property of more than Rs. Sale and contract for sale are two very distinct documents. Contract of sale is merely a document signifying the willingness to sell, and sale is the actual transaction that takes place. Christensen, CCA Wis. Harpreet Kaur, Textbook on the transfer of property Act , 6th Edn.

The Act consists of eight chapters and. In any property transaction, buyers and sellers are subject to Right and liabilities. Provided that where the stamp duty value of immovable property as referred to in sub-clause (b) is disputed by the assessee on grounds mentioned in sub-section (2) of section 50C, the assessing officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section (15) of section 1shall, as. The expression mentioned above “in present or in future” is deriving the meaning of the word ‘deliver’.

There will be no transfer of future property.

A transferee can also be a minor, insane or child in a mother’s womb. The transferee needn’t be a competent person like a transferor. Subsequent forms of transfer under the Act are: 1. Sale– It’s an out-and-out transfer of property And also the consideration is money. Mortgage– It’s a transfer of a limited interest during a property. Lease– A lease may be a transfer of a right to enjoy the immovable property for a particular time.

Exchange– It’s the same as sale, but differ in consideration. Here the consideration is another thing not money. Gift– Here, there’s no consideration.

Another meaning of transfer of property is “Conveying the property”. A fresh interest within the mind of the transferee, if new interest has not been created in mind of the transferee, the property can not be said to be conveye thus no transfer of property is finished. Partition- When two blood relatives like brother and brother dividing their property between themselves is called partition. And it can’t be transfer of property because that property was already in their own possession and no new property is created.

His specific share, which settled in him earlier, is just separated. Therefore, those who got the profitable property they can enjoy over that. Section 6– “ Any types of property which can be additionally transferre except provided by this act or by any other law for nowadays in effect”. This section specifies different types of property which can not be transferred (Exception to Section 6)- 1. Any opportunity for the heir apparent to succeed under certain conditions is not included in the category of assets that can be transferred. X’ a Hindu, dies and leaves his wife with ‘C’.

C’ has only a spes succession, his succession depends upon two factors, that the surviving of the X’s wife and the property which was left by ‘X’. Section 7of the Act provides that, “the person who is allowed to sign a contract is also allowed to transfer a property and then he will be allowed to enjoy the property wholly after it takes place. Legally permitted and determined for the time being in force.

Section 8of the Transfer of Property Act provides transfer of various types of property and their legal incidents. In any situation, where the property is related to land or the property is rente then the transferor and transferee should make a plan about the outcomes of the property which will be generated after the transfer takes place. After that, there will be no problem arising in the future and if the property generates money, then the income can be calculated after the transfer takes place.

The possibility of a person who is most likely to get the ancestral property after his or her ancestor’s death under certain situations. These are as follows- 1. The probability of a relationship obtaini. A person, who has no right to transfer any immovable property, cannot transfer that property.

Transfer by such person will be called the transfer by an unauthorized person. X’ has separated from his father. X’ sells fields to ‘Z’ that ‘A’, ‘B’, ‘C’, ‘D’, representing that he is authorized to transfer the same.

From these fields ‘C’ does not belong to ‘X’, it has been retained by ‘Y’ on the partition. But on Y’s dying ‘X’ as heir obtains ‘C’. Z’, not having revoked the contract of sale, may require ‘X’ to deliver ‘C’ to him. Section 6(a)and Section 43have some problems with each other. LawSikho has created a telegram group for exchanging legal knowledge, referrals and various opportunities.

Sec of the Act defines Mortgage as the transfer of interest in the specific immovable property by way of a mortgage deed or deposition of title deeds for securing payment of a loan. The owner of the property creating a lien on an immovable property to the lender is the mortgagor. The lender is the mortgagee.

In transfer of ownership,. General Clauses Act, includes certain things under the head ‘immovable property’. The Transfer of Property Act. Instant Downloa Mail Paper Copy or Hard Copy Delivery, Start and Order Now!

According to the act immovable property does not include standing timber, growing crops, or grass. Transfer of property has been defined under Section of the Transfer of Property Act. Tangible property is one that can be touche such as a lan a house,.

Transfer of Property Act does not define movable property, since it regulates transfer of immovable property by sale, mortgagee, lease, and gifts or through actionable claims. Section of Act defines “Immovable Property” does not include standing timber, growing crops or grass. Sale of immovable property having a value of more than rupees hundred.