Section 5 of the Act defines “Transfer of Property” as “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 person, or to himself, and one or more other living persons, and “to transfer property” is to perform such
Also to know is, who can transfer the property under the Transfer of Property Act?
According to the Act, ‘transfer of property’ means an act by which a person conveys the property to one or more persons, or himself and one or more other persons. The act of transfer may be done in the present or for the future.
Likewise, what does it meant by property transfer? A property transfer occurs when money or the ownership title on a piece of property, such as a house or parcel of land, changes hands. The majority of property transfers occur on someone’s death, where the will stipulates who will inherit the deceased’s property.
what kind of properties are transferred under the Transfer of Property Act 1882?
The Act contemplates the following kinds of transfers: (1) Sale, (2) Mortgage, (3) Lease (4) Exchange, and (5) Gift. Sale is an out-and-out transfer of property. In mortgage, there is a transfer of limited interest in property.
Will as per Transfer of Property Act?
Under the Indian Succession Act 1925, a Will is a legal declaration of the intention of the testator, with respect to his property which he desires to be carried into effect after his death. In case an individual dies intestate (no Will is made), the laws of succession come into play.
14 Related Question Answers Found
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 Cannot transfer an immovable property?
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 is the difference between movable and immovable property?
Property ownership has its own classification: movable and immovable property. Movable property refers to personal property, which is either consumable or nonconsumable. On the other hand, immovable property refers to roads, constructions and buildings. They are referred to as immovable because they adhere to the soil.
How many types of property transfers are there?
KINDS OF TRANSFER The Act contemplates the following kinds of transfers: (1) Sale, (2) Mortgage, (3) Lease (4) Exchange, and (5) Gift. Sale is an out-and-out transfer of property. In mortgage, there is a transfer of limited interest in property.
What may not be transferred under Transfer of Property Act?
(e) A mere right to sue cannot be transferred. (f) A public office cannot be transferred, nor can the salary of a public officer, whether before or after it has become payable. (g) Stipends allowed to military, naval, air-force and civil pensioners of the government and political pensions cannot be transferred.
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 is actionable claim in Transfer of Property Act?
As defined under section 3 of Transfer of Property Act, 1882, “ACTIONABLE CLAIM” is a claim on which action can be initiated in a court of law for relief. o CLAIMS SECURED BY ANY CHARGE SUCH AS MORTGAGE, PLEDGE OR HYPOTHECATION OF PROPERTY.
Who is ostensible owner?
Ostensible owner is the person who is though not the real owner but has all incidents and/or characteristics as the real owner. The person on the face of it i.e apparently looks like the real owner but in fact he is not the real owner.
Who are competent transfers?
—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
Can a person transfer a property to himself?
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. The Act contemplates the following kinds of transfers: (1) Sale, (2) Mortgage, (3) Lease (4) Exchange, and (5) Gift. Sale is an out-and-out transfer of property.
What can be transferred?
Further, transfer of property is defined as an act by which a living person conveys certain property in present or in future, to one or more other living persons, and here living person can be a company or an association or can even be a body of individuals[2].
Can a leased property be gifted?
GIFT WITHOUT PERMISSION: A lessee shall not transfer his/her right in the lease-hold property without the permission of the lessor where such permission is required. Since gift is a mode of transfer of property, gift without permission shall be breach of terms of the lease.
Who is a disqualified transferee?
Disqualified Transferee means any Person who is a direct or indirect transferee of any Right from an Acquiring Person or an Affiliate of an Acquiring Person and became such a transferee (x) after the occurrence of a Common Stock Event or (y) prior to or concurrently with the Acquiring Person becoming such and received
How can I transfer immovable property in India?
Property ownership can be transferred in two ways: • Voluntary Transfer. • Involuntary Transfer. Sale Deed. This is the most popular method of property transfer in India. Gift Deed. Relinquishment Deed or Release Deed. Partition Deed or Settlement Deed. Inheritance or WILL Deed.