- Section 5 of the Transfer of Property Act talks about the definition of the word ‘Transfer of Property.
- In the lives of humans, property holds a great amount of value, not only economically and physically but also emotionally.
- Not only it gives a sense of economic value, but it also makes us feel settled and secure. But sometimes people need to transfer these properties to someone due to whatever reasons like a deed of gift.
- These issues of property are always advised to be dealt with under the supervision of legal consultation. This blog talks about Section 5 of the Transfer of Property Act in detail.
What is the definition under section 5 of the Transfer of Property Act?
- In this Section 5, the Transfer of Property has been defined as an act that is done by a living person in the given present or future time to another living person to transfer the property.
- Section 5 of the Transfer of Property Act describes a living person as a living human being, a company, association, or body of individuals.
- In Section 5 of the Transfer of Property Act, the definition is defined as an act by which a living person conveys, etc., which we will discuss in detail.
“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 persons, or himself, or himself and one or more other living persons; and “to transfer property” is to perform such an act. In this section “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 the transfer of property to or by companies, associations or bodies of individuals.”
Analysis of Section 5 of the Transfer of Property Act
- Transfer of Property is an activity or process in which the property is transferred from one person to another.
- This is done by the person who wants this Transfer of Property which is a voluntary action between the person who wants the performance of this act.
- The Transfer of Property happens involuntarily in the case of will and inheritance.
- That’s why the word act is used because there is a process of action that is happening.
2. Living person
- In Section 5 of the Transfer of Property Act, the living person is described as any human being or a group of human beings or a company, university, firm, trust, or the body of individual association of individuals who wants to transfer property.
- The second part of Section 5 of the Transfer of Property Act says that the person who is transferring the property, known as the transferor, should be competent to make a contract and has attended the age of majority should be of sound mind.
- Court orders are considered as a living person, so they are not taken under the Transfer of Property Act.
- Section 5 of the Transfer of Property Act conveys defined as an interest that is being transferred from one person to another during the process of transfer of property.
- For example, if a person is transferring his property to another person, then the transferee does not have any interest in the property of the transferor, but if the transferor makes an interest like a sale or gift, then the transferee gets some interest in it.
4. In the present or the future
- A transfer of property, as per Section 5 of the Transfer of Property Act, talks about the period for the process of transferring properties from one person to another.
- Section it is defined that the transfer of properties should happen for the present or for the futuristic purpose. The Transfer of Property cannot happen in the past.
- Section 5 of the Transfer of Property Act talks about the word property which is itself quite a broad term.
- Property, according to Section 5 of the Transfer of Property Act, can be anything from movable to immovable property, from a car to the right of fishing in a pond.
6. To another living person
- Section 5 of the Transfer of Property Act says that there should be another living person to whom the property should be transferred. This person can be anyone from a company to a University etc.
- The Transfer of Property can only be between two living persons.
- Property can also be transferred to the same person that is himself only as a condition when he is the only trustee to which he is transferring the property.
Section 5 of the Indian Contract Act talks about the revocation of the proposal and acceptance by either of the parties involved in the contract.It can be seen that the proposal and acceptance of an offer cannot be revoked in cases where there is a possibility of causing damage to either of the parties involved in the performance of the service agreements or contracts.
All the issues related to the revocation of the contracts should be discussed through a legal consultancy service.