Property is not just a piece of land in India, it is a much wider concept. It is something over which a legal person holds a right. The concept of property law in India has been dealt with by enactments such as the Sale of Goods Act, 1930, and the Benami Transactions Act, 1988.
After studying the above-mentioned enactments, it is safe to say that property is an object, piece of land etc, which is either tangible, intangible, movable, or immovable over which a legal person has ownership rights. However, claiming right over any property comes with legal obstacles that could be sorted out by taking the assistance and guidance of an advocate dealing with property matters.
Let’s go through this article to understand the types of property in India.
Types of property under property law
- Movable Property
- Immovable Property
- Tangible Property
- Intangible Property
- Public Property
- Private Property
- Personal Property
- Real Property
- Corporeal Property
- Incorporeal Property
Lets understand each type of property one by one
Movable property is anything that can be moved from one place to another without causing any damage.
As per section 2(9) of the Registration Act, 1908, “Movable property” includes standing timber, growing crops and grass, fruit upon and juice in trees, and property of every other description, except immovable property."
- As per the Registration Act,1908, there is no requirement for registration of movable property;
- the transfer of movable property is easier as compared to the transfer of any immovable property;
- Movable property may be covered, under the (GST) General Sales Tax, or Central Sales Act.
Immovable property is the type of property that cannot be moved from one place to another place. This type of property is directly attached to the earth.
As per section 2(6) of the Registration act,1908, "Immovable property means and 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.”
- Immovable property having a value of more than Rs 100 is required to the registered for which a certain registration fee and stamp duty are to be paid ;
- This type of property can be considered ancestral joint property.
Tangible property is any property that has a physical existence and can be touched. This type of property can be moved from one place to other, without causing any damage, which clearly implies such properties are movable in nature.
Examples: Jewellery, computers, furniture, etc.
Intangible property, on the other hand, does not have any physical existence. This type of property cannot be touched or felt. Even without physical presence, the intangible property holds value.
Ownership of intangible property plays an important role and a legal person holding such ownership can enjoy the right to the property.
Examples: bonds, trademarks, copyrights, franchises, securities, software, etc.
As the name suggests, Public property means the property owned by the State for the citizens of the Country. This type of property belongs to the public without any claim from an individual. Public properties are usually managed by the government or any assigned community for their usage by the public.
Examples: Government hospitals, parks, toilets, etc.
Private property allows a non-government body to have the ownership of a property. In simple words, private property is property owned by a juristic person for his/her personal use or benefit. This type of property can either be tangible or intangible, movable or immovable.
Example: Apartment, securities, trademark, etc
Personal property is an umbrella that includes all kinds of property. This type of property is owned by individuals be it either tangible or intangible.
Example: Clothing and jewelry, Vehicles, Artwork
On the other hand, Real property, also known as real estate property, includes land as well as any kind of development made on land. The concept of real property is covered in immovable property.
Examples: building using materials like cement, steel, mines, crops, etc
The corporeal property is any tangible property that can be touched and felt, and the material part of this property is the right of ownership. All kinds of tangible property can be considered corporeal property. In order to understand corporeal property, it can be divided into two categories: movable and immovable property and personal and real property.
Example: Real estate properties like land and buildings, Furniture, Artworks. etc.
Incorporeal property means all kinds of intangible property that cannot be seen or touched physically, but instead represents a set of rights or interests that a person may have. This type of property is also called intellectual property.
Example: Intellectual property such as patents, copyrights, and trademarks, Brand names and logos, Insurance policies etc.
The above-mentioned are classifications of property in jurisprudence notes. Therefore, it is important to understand the types of property and the procedure to obtain such type of property in India. It is also important to note that disputes over property whether over a piece of land, trademark infringement, or family dispute over property are highly prevalent. And, hence, to avoid any such dispute it is recommended to approach property lawyers to understand the whole process.