In its most literal sense, the term “property” has a fairly broad definition. It comprises not just money and other physical items of worth, but also intangibles. This might be anything that generates money or riches. The term “property” refers to anything over which someone – a person or a company – has a legal title. The owners have certain enforceable rights over the property since it has a legal title. There are mainly two types of properties:
- Tangible Property
- Intangible Property
Automobiles, industrial equipment, furniture, and real estate are examples of tangible property. The term “Tangible property” refers to real estate. The term “intangible property” refers to assets that have present or potential worth but no intrinsic value. Stock and bond certificates, for example, contain the promise of future value.
Intellectual is a third category that is also included in the Intangible category. These types of properties aren’t physically present yet have tremendous worth anyway. Design concepts, music lyrics, book manuscripts, screenplays, and other similar materials can be used. The emblem of a brand like Puma or the recipe for a Mc donald’s burger are two examples. Individuals or corporations can retain attorneys to have legal advice on property and legally defend themselves and their intangible assets if they want to assert their ownership.
Now that we’ve defined property in general terms, let’s look at the types of properties available in India.
What are the different types of properties in India?
Various enactments in India, such as the Benami Transactions (Prohibition) Act of 1988 and the Sale of Goods Act of 1930, have made the notion or idea of land lawful. In India, there are several types of properties that may be classed as follows:
● Moveable and immovable property
Moveable and immovable properties are the important types of properties. A movable property, in layman’s terms, is a type of property that can be moved from one location to another without causing damage. The immovable, on the other hand, is one of the types of property that cannot be relocated from its initial location. There are, however, certain exceptions.
Definition of movable property
Movable property is one of the types of properties that comprises standing wood, crops, and grass, fruit upon and juice in trees, and assets of every other sort, apart from immovable ones. Few of the Examples of such type of property are Gold, music system etc. A property which can be easily moved can be termed as movable property.
Definition of immovable property
Immovable property is one of the types of properties. “Immovable Property” can be defined as “land, advantages arising from the land, and objects fixed to the earth or permanently fastened to anything related to the earth.” Any property that cannot be moved or is attached to earth is termed as immovable property.
Immovable is defined as all immovable items and rights, except timber, grass, and crops, according to the Transfer of Property Act.
● Private and Public property
Private property is one of the types of properties that a legal and non-governmental body owns. Personal or capital goods might be included in this category. The country’s political system promotes and enforces the principle of private property. It is a private asset when an individual possesses property for his or her own personal use and advantage. This can include any tangible or intangible asset owned by an individual or a business, such as land, buildings, copyrights, and patents.
As the name implies, public property is one of the types of properties that belongs to the general public and is held by the government. As a result, parks, hospitals, and public restrooms, for example, belong to the public as a whole, not to any individual or corporation. Public land includes any facilities or properties that are managed by the government or a community. This facility is managed by the government or community for the convenience and benefit of the general public.
● Personal and Real property
Personal property is one of the types of properties that can be moved around. Except for land, anything that may be owned is considered personal property. Personal assets are divided into two categories: tangibles and intangibles.
Tangibles may be felt and touched, and they can be moved from one location to another without causing any damage. Securities, bonds, franchises, patents, copyright, trademarks, bank accounts, and other intangibles provide their owners a distinct right to do something that they cannot touch or feel. Alternatively, it can be explained as the right to utilize something. Tangible property is also one of the types of properties.
Real properties are one of the types of properties that are immovable. Real property refers to land and anything linked to it.
Net worth of asset
Calculating the entire value of all the types of properties of an individual’s assets can be used to assess their net worth. This includes, but is not limited to, real estate, automobiles, jewels, stocks, bonds, and savings, among other things. Their net worth is calculated by subtracting their obligations and debts from this figure. Evaluating the assets can be troublesome work for many individuals. Therefore, it is in our interest to have legal advice from a professional lawyer. Apart from it, a lawyer can also help in calculating tax which one needs to pay for the assets.
We hope that this blog has helped you understand what property is, what it means, and the many types of properties. It is often seen as an asset since it has monetary worth, either present or potential. It is important to get the immovable property registered. However, it is a tiresome process. It is important to get legal advice on property to make this process easy. Apart from saving time, it makes the process faster.