Question

Project on what may be transferred as per transfer of property act

Answer 1

Section 5 defines “transfer of property" means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself and one or more other living persons; and "to transfer property" is to perform such act.

"living person includes a company or association or body of individuals, whether incorporated or not, but nothing herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, associations or bodies of individuals.

“Immovable property “is defined by the act as it does not include standing timber, growing crops and gross.

To describe it in more detail, immovable property includes land, buildings, hereditary allowances, rights to way, lights, ferries, fisheries or any other benefit which arises out of land, and things attached to the earth or permanently fastened to anything which is attached to the earth. It does not include standing timber, growing crops, or grass. It includes the right to collect rent, life interest in the income of the immovable property, a right of way, a fishery, or a lease of land.

A transfer of immovable property for more than Rs. 100 will be affected only through a registered documents or instruments.

The provisions of Section 53A ,envisages situations where under a contract for transfer of immovable property , the purchaser has paid the price and has taken possession of the property even though the transfer deed or conveyance has not been registered. In such cases the transferor is debarred from agitating his title to the property against the purchaser.