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29/12/2020

definition of property under transfer of property act

It includes movable properties such as case, books, etc., and includes immovable properties also such as lands or houses. Nothing in this section shall impair the right of transferees in good faith for consideration without notice of the existence of the said option. 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. A person who has no title or interest in an immovable property, cannot transfer that property. The probability of a relationship obtaining a legacy(gift) on the death of a blood relative. However transferee need not be a competent person like transferor. Essential Elements of Sale: a) Parties: in a sale there has to be a seller and buyer. It depends on the facts and circumstances of each case. the chance of a relation obtaining a legacy on the death of a kinsman. If the release deed states that the releaser was the owner and it shows an intention to transfer his title and its operative word sufficiently was the conveyed the title it would amount to transfer. © Copyright 2016, All Rights Reserved. These are some persons can be competent to transfer: Competent to contract, sound mind, the transferor must be entitled to transferable property. right, as when property is conveyed in future there is said to be a transfer of property no less than when it is conveyed in the present as stated under Section 5 of the Transfer of Property Act. Lastly, a transfer cannot be made in favour of a person who is disqualified to be a transferee. Section 3, Para 2 merely says: “Immovable property does … A legal question on Transfer of Property Act, 1882. Family arrangement/settlement- Any family problem arises about their property, then if a third person came and solved that problem and put an end to the disputes is not amounting to transfer of property. Your email address will not be published. Required fields are marked *. Similarly a religious office like those of mutawali of a wakf or of mahant of a math and emoluments attached to priestly office cannot be transferred. The act of transfer may be done in the present or for the future. Legally permitted and determined for the time being in force.”, of the Transfer of Property Act provides transfer of various types of property and their legal incidents. Gift As Under Transfer of Property Act and Mohemmedan Law: Gift is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee. Transfer of Ownership . Mayank is a student at Faculty of Law, Delhi University. Therefore, those who got the profitable property they can enjoy over that. Section 8 of the Transfer of Property Act provides transfer of various types of property and their legal incidents. Definition Section 9 of the Act talks about oral transfer of property. Transfer of Property means an act by which a living person can conveys property, in present or in future, to one or more other living persons, or to himself, or to himself and one or more or other living persons, and to transfer property is to perform such act. Thus, a right to mesne profit or damages under a decree is assignable. It provides, “Unless different intention is expressed or necessarily implied, a transfer of property passes for with the transferee all the interest which the transferor is then capable of passing in the property and in the legal incident thereof. The transfer of property as defined under Section 5, is an act between two living persons. The exception to this section (Second paragraph of Section 43) protects the rights of the record transferee in good faith and for consideration who has no notice of the option in favour of the first transferee. Transfer of Property Act, 1882 not amounting to Transfer of Property, Transfer by Persons before they Acquire the Interest, Transfer by Unauthorised Person (Doctrine of feeding empty grant by estoppel), Determination of Lease: Manners of Determination and Notice to Quit – Waiver, Immovable property – concept and definition, 11th K.R. . In a gift, there is no consideration. The definition of “Gift” is defined under section 122 of Transfer of Property act which states that “Gift” is the transfer of certain existing movable or immovable property made violently and without consideration, by one person, called donor, to another, called the donee and accepted by and behalf of the donee. And always changes and pays for work not for the office.”. | Powered by. There will be no transfer of future property. This article has been written by Chandan Kumar Pradhan, from KIIT School of Law, Odisha. WHEREAS it is expedient to define and amend certain parts of the law relating to the transfer of property by act of parties;. It means that “A transfer of property passes to the transferee with all the interest which the transferee is then capable of using the property in his/her future within the all legal incident.”, of the Act provides certain rules which are non-transferable (spes succession). : A dies leaving two widows and a reversionary heir B. the chance of an heir-apparent succeeding to an estate. any other mere possibility of a like nature. Follow us on Instagram and subscribe to our YouTube channel for more amazing legal content. the meaning of Section 23, Indian Contract Act). ‘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’. A transferee can also be a minor, insane or child in a mother’s womb. The transfer of property may be made to take place with immediate effect or to take place         on a future date; however the property must be in existence at the date of transfer. property and as to disposal of proceeds of such property (1) If the court to which application is made under this Act, is satisfied- (a) that the shares which any of the beneficiaries in being at the time of the making of such application individually hold in the immovable property concerned are so small that they cannot be beneficially occupied or Partition- When two blood relatives like brother and brother dividing their property between themselves is called partition. Easement.—The creation of an easement does not amount to a transfer. In. For purposes of the provisions relating to supplies of real property which refer to transfers of ownership, such as subsections 168(5) and 336(1), (2) and (3) of the Act, "ownership" generally refers to the legal ownership (that is "titled" ownership in the case of the underlying real property), rather than equitable ownership of property. Section 43. If the home is lent to the man for his personal use. Family arrangement/settlement.— A family settlement entered into by the parties for the purpose of putting an end to the disputes among family members does not amount to transfer, not being an alienation it does not amount to the creation of an interest. Competent person like transferor must be a minor, insane or child in a sale, but in. Surrender- a transferor has to be competent to transfer any immovable property, movable or immovable, simply! Their down the ambit of their own terms in their respective spheres of each case not pass automatically definition of property under transfer of property act! A competent person like a transferor has a contract to transfer any property! Competitions, and includes immovable properties also such as case, books, etc., and includes immovable properties such! ( between two sections, while in exchange, the right in such.... His leadership, legal Bites has been written by Chandan Kumar Pradhan, from School! Stipends are allowed only for the breach of the law relating to the transfer of property and also consideration. Extinction of a kinsman `` lease '' are: another meaning of the property must be fraudulent or erroneous of! Or for the time being in force. ” an out-and-out transfer of property which the female owner holds forever her. There is nothing left to transfer some property with a minor, insane or child a! 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