We own so many things in life. It starts with a few diapers, goes on with clothes, jewellery, currency, land, etc. Then we end up with nothing once the heart stops beating. Yet, property still remains one of the biggest reasons for dispute in this mortal world. Here on this page, the different types of property in India have been categorised and thereby explained.
‘Property’ is a vast concept which can not be summed up with a definition of a few words. That could be the reason why lawmakers could not bring a concrete definition neither under the Transfer of Property Act, nor under Registration Act. To have an idea, property can be understood as ‘Something which can be owned, controlled and managed, also having a certain market value’. Since the understanding is too vast, the different types of property are also based on discrete factors as provided below.
The statutory law which regulates transfer of property in India is known as Transfer of Property Act, 1882. It mainly uses terms like moveable, immoveable, tangible and intangible when it comes to categorising various types of property. Although neither of the terms have been defined under the TPA Act. However, movable and immovable property have been defined under the Registration Act, 1908.
As the term itself suggests, the categorization is based on things that can be easily moved and others that can either not be moved, or stand a chance to be damaged if moved from one place to another. It may be noted that property transactions are valid for both movable and immovable types of property under Transfer of Property Act, 1882.
Section 2(6) of Registration Act, 1908 - “Immovable Property” includes land, buildings, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of 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. Other examples of immovable property are inheritance, fishery, farm, etc.
Section 2(9) of 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. Other examples of movable types of property include almirah, other furniture, cash currency, etc.
Also read - Difference Between Sale and Agreement to Sell.
As the term suggests, tangible property is anything that has a physical existence and holds some pecuniary value. Examples of tangible among different types of property include jewellery, cars, books, electronic gadgets, etc.
On the other hand, intangible property is the one that holds a certain value but can not be touched, i.e. lacks physical existence. Examples of intangible property include securities, bonds, computer softwares, and all kinds of intellectual properties. In fact, intellectual property can be said as a sub-category of intangible properties.
Anything which comes from the creative minds of a person which turns out to be useful, whether it's a literary work, an invention, or a business identity, etc. Literary works are subjected to copyrights, patents are there to protect inventions, trademarks to safeguard the business’ goodwill, etc. The property law in India does not per se include provisions related to intellectual property rights. The reason being that it is considered a separate stream of law. Rather than property lawyers, IPR lawyers in India are appropriate for consultation related to matters of intellectual properties.
Property which has physical existence, which can be touched, felt, and can be materially owned by someone, is termed as corporeal property. Examples of corporeal types of property include jewellery, e-gadgets, crops, etc.
Contrary to this, among the various types of property rights, incorporeal mainly leads to invisible properties like copyright, patents, mortgage, lease, etc. It can neither be touched or seen, but a person can own it.
As the name suggests, public property is the one owned by the state or central government which is used for public use. Examples include parks, hospitals, government schools, etc.
While private property is the one owned by a private or juristic person/ organisation specifically for personal use. Examples of a private property include land, chattels, houses, trademark, etc. For disputes related to private property located in Kolkata, property lawyers in Kolkata are the professionals who can help with resolution.
By now, one may have a precise idea of how many types of property exist in India, basis of their categorization, etc. Things may seem uncomplicated until the types of property ownership and related laws step in. Documentation of property, especially the immovable ones, is a bit complicated. It is suggested to carry out specific studies for doubts related to property.