A Detailed Study In Immovable Property
Real Estate / by Saran raj / 174 views
Any Property that cannot be moved from one place to another, is immovable property.
It has rights of ownership attached to it.
In the sense used, commonly refers to real estate (such as your house, factory, manufacturing plant, etc.) while movable property refers to movable assets (such as your computer, jewelry, vehicles, etc.)
The Movable Properties are those movable properties of every description of the property.
The property which can be transferred from one place to another is movable property. Also, all objects placed by the human agency on or under the surface with the intention of permanent annexation to the earth of the property, e.g. Buildings, walls, fences.
Section 2(6) of the Indian Registration Act which provides “ Immovable property “ includes lands, buildings. Under the General Clauses Act, all trees would be immovable, as they are attached to the earth.
The trees being attached to the earth are rooted in it and, as such, derive their nourishment from it.
In real estate law, this property has certain rights of ownership that go with ( full or partial ) to that property.
There may include rights to buildings, rights to collect rent, inherited rights, rights of ways, ferries, or fisheries. It is generally connected to the ground or land on which it sits.
They are, therefore, treated as part and parcel of immovable under the General Clauses Act.
It generally does not include such things as grass, crops, or standing timber.
The Britishers were responsible for introducing the Transfer of Property Act, 1882 in India. Before this property act, Subsedars and Zamindars of the villages were responsible for laying down all the property-related guidelines.
This act specified statutes for the transfer of property and focused on improving the social and economic aspects of the property.
It is not transferable in absence of a will, gift deed, or partition and simultaneous registration of the property in the beneficiary name.
Under section 122 of the Act, one can transfer property through a registered gift deed.
The immovable property is transferred voluntarily without any consideration.
The relinquishment deed cannot be executed for another person who is not a legal heir.
Under section 7 of the Transfer of Property Act ( TOPA ).
Entitled to legally transfer a property, an individual must be competent.
The person willing to make the transfer should be the legal age and mentally stable.
Must be registered under the Registration Act, 1908, if its value exceeds Rs.100.
Subjected to Stamp duty according to the Indian Stamp Act, 1899 In terms of rule 18(1)(ii) of the CCS ( conduct ) rules, 1964, Government servants are required to submit annual property return ( IPR ) giving full particulars of their immovable, inherited or held on lease or mortgage, either in their own name or in the name of any member of their family or in the name.
The term immovable is defined in two other Indian enactments i.e., The General Clause Act and The Registration Act.
The definition of “ Immovable Property “ in the General Clause Act is as follows According To Section 3 Of Transfer Of Property Act – 1882. ( General Clauses Act ).
Things not included in the immovable property are as below,
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