TYPES OF PROPERTY UNDER INDIAN LAW

Table of Contents

INTRODUCTION

In India, the concept of property has been dealt with through various enactments such as the Benami Transaction Act, of 1988, and the Sale of Goods Act, 1930. Property has a vast meaning in its real sense. It not only includes financial wealth and other tangible things of value but also includes intangibles. These tangibles and intangibles are one of the types of property that can be anything that can serve as a source of income or wealth.

Tangible can include automotive vehicles, industrial equipment, furniture, and real estate. Real estate is called “real property”.

Intangible describes those assets with current or potential value but no intrinsic value of their own. They carry the promise of future worth such as stock and bond certificates.

A third category that is also categorized under the Intangible category is called Intellectual. These can be things that are not physical in nature but still carry significant value. These can be things like design concepts, song lyrics, book manuscripts, screenplays, etc. Examples include the logo of a company like Puma or the recipe for a Mcdonald’s burger. To enforce their ownership of an intangible asset, individuals or businesses can hire lawyers to protect themselves and their items legally.

Types of Property

Movable Property
Immovable property
Tangible property
Intangible property
Private property
Public property
Personal property
Real property.
Corporeal property
Incorporeal property.

Movable Property

As per law, under Section 2(9) of the Registration Act, 1908, “Movable property includes standing timber, crops, and grass, fruit upon and juice in trees, and asset of every other description, except immovable ones.”

Section 22 of IPC defines movable ones as, the words “movable property” are intended to include corporeal part of every description, except land and things attached to the earth or permanently fastened to anything, which is attached to the earth.

Section 3(36) of the General Clause Act,1897- “Movable property” shall mean the property of every description, except immovable property.”

Immovable property

Section 3(26) of the Transfer of Property Act describes an immovable asset as all the immovable objects and rights, except timber, grass, and crops.

Section 3(26) of the General Clauses Act, describes “Immovable Property” shall include land, benefits to arise out of the land, and things attached to the earth or permanently fastened to anything attached to the earth.

Immovable property is one that cannot be moved from one place to another place. This is the property that is attached to the earth or ground.

Tangible Property

Tangible property has a physical existence and can be touched. This type of property can be moved from one place to other, without causing any damage, from this, we can say that this property is movable in nature.

Examples: cars or other vehicles, books, timber, electronic devices, furniture, etc.

Intangible Property

Intangible property does not have any physical existence. These are properties with current or potential value, but no intrinsic value of their own & cannot be touched or felt but holds value.

Examples include intellectual property like copyright, patent or GI, stock and bond certificates. Franchises, securities, software& many more.

Public Property

Public asset, as signified by their name, belongs to the public and is owned by the state. This thus belongs to the public as a whole and not to any one individual or firm. Public assets include parks, hospitals, public toilets, etc. Any amenities or premises that the government or a community manages are termed public land. The government or community manages this amenity for the convenience of the public and for their benefit.

Examples can be Government hospitals, parks, public toilets, etc.

Private Property

Private property designates a legal and non-governmental entity with the ownership of an asset. This can either include personal or capital goods. The political system of the country supports and enforces the concept of private assets. When an individual owns a particular asset for personal use and benefits, it is a private asset. This can be any tangible or intangible object owned by an individual or a corporation, for example, land, buildings, copyrights, patents, etc

Personal Property

Personal property acts like an umbrella that includes all types of property. Individuals own this kind of property, be it either tangible or intangible.

Real Property

Real property, also called real estate property, includes land and any development made on such land. This kind of property is covered in immovable property. But why is this covered in immovable property? See, for example, roads, mines, buildings, factory, crops, etc, which is created by development, are all fixed with the land. This is immovable property, + any development on it, a further deliberation of immovable property is real property.

Examples: Building (attached to the earth) using materials like cement, steel, mines, crops, etc.

Corporeal Property

Corporeal property is any tangible property that can be touched and felt, If this is similar to tangible property, then why a separate type of corporeal property came into existence? This is a tangible property but it is mainly the right of ownership in material things of such property. All kinds of tangible property can be considered corporeal property. it can be divided into two categories: movable and immovable property and personal and real property as it is ownership rights.

Incorporeal Property

Incorporeal property means all kinds of intangible property. This type of property is also called intellectual property. It is an incorporeal right, meaning having legal rights over things that cannot be touched or felt.

FAQ

What is property?

The term property describes anything that someone – a person or a business has a legal title over. By having a legal title, the owners have some enforceable rights over the said asset.

What is intellectual property?

Intellectual Property can be things that are not physical in nature but still carry significant value. These can be things like design concepts, song lyrics, book manuscripts, screenplays, etc.