How is sale effected in property law?
Sale under TPA how effected Generally, a sale takes place via a validly executed sale deed which is in writing, properly attested and registered. In case of property of nominal value, the sale of the property could be completed by simple delivery of possession of such property or by a registered instrument.
How is a sale of immovable property affected?
The sale of immovable property is a transfer of property along with ownership rights. Whereas a contract of sale is a mere agreement that a sale of a property is to take place in future on the terms mutually agreed between the parties. In a sale, the seller transfers the legal title of the property to the buyer.
Can a person transfer a property of which he is not the owner?
A conveyance deed is executed to transfer title from one person to another. Generally, an owner can transfer his property unless there is a legal restriction barring such transfer. Under the law, any person who owns a property and is competent to contract can transfer it in favour of another.
What is the difference between sale and exchange?
Sale refers to immovable property only, whereas exchange refers to both movable and immovable properties. The consideration in sale is price paid or promised and partly paid or partly promised, exchange on the other hand has the consideration for transfer of one property in exchange for another property.
Can a person transfer property to himself?
Section 5 of the Transfer of Property Act, 1882 defines the term transfer of property. According to this section, 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 other living persons.
Who can transfer an immovable property?
Transferability of Immovable property
- By Anonymous.
- Transfer of property has been defined under Section 5 of the Transfer of Property Act.
- The transfer must be by a living or juristic person.
- The transfer must be through a conveyance.
- Fourthly, it must be made to a living or a juristic person.
What property may not be transferred?
An easement cannot be transferred apart from dominant heritage. All interest in property restricted in its employment to the owner personally cannot be transferred by him. Even a right to future maintenance, in whatever manner arising, secured or determined cannot be transferred.
What property can be transferred and what Cannot be transferred?
(d) An interest in property restricted in its enjoyment to the owner personally cannot be transferred by him. (dd) A right to future maintenance, in whatsoever manner arising, secured or determined, cannot be transferred. (e) A mere right to sue cannot be transferred.
What are the modes of transfer of property?
There are various modes of transferring ownership of property: permanently by 1) relinquishment 2) sale 3) gift; and temporarily by way of 4) mortgage 5) lease and, 6) leave and license agreement.
What is sale under transfer of property Act?
54. “Sale” defined. —”Sale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised. Delivery of tangible immoveable property takes place when the seller places the buyer, or such person as he directs, in possession of the property.
What is Section 54 of transfer of Property Act 1882?
Section 54 of Transfer of Property Act, 1882 defines the sale of immovable property. “Sale” defined.—‘‘Sale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised. Sale how made.—
What is Section 54 of the Income Tax Act?
Under Section 54 – Any Long Term Capital Gain, arising to an Individual or HUF, from the Sale of a Residential Property(whether Self-Occupied or on Rented) shall be exempt to the extent suchcapital gains is investedin the Purchase of another Residential Property within 1 year before or 2 years afterthe transfer of the Property sold and/or
What is the difference between Section 54 and sale of goods?
Section 54 only governs the sale of immovable property which is transferable (Section 6 of the Act). The Sale of Goods Act, 1930 deals with the sale of movable properties.
When is a property going to be transferred?
At the time of the contract of a sale, a price must be ascertained at which the property is going to be transferred. The definition of “Sale” in Section 54 specifies that there is an exchange of ownership for a price paid or promised or part-paid and part-promised.