What Is Property? What Are Different Types Of Property?
By Pratik Balasaria

Property has a very wide meaning in its real sense. It not only includes money and other tangible things of value but also includes intangibles. These can be anything that can be a source of income or wealth. In this article, we explore what is property, its meaning, and its types. Once you understand its meaning, you can understand more about its nuances in India. Such as properties in Kolkata.

What is Property?

what is property

The term property describes anything that someone – a person or a business has a legal title over. By having a legal title, the owners have some enforceable rights over it. It can be of two broad types – tangible and intangible.

  • Tangible can include automotive vehicles, industrial equipment, furniture, and real estate. Real estate is called “real property”. 
  • Intangible describes those assets that have current or potential value but do not have any intrinsic value of their own. They carry the promise of future worth such as stock and bond certificates. 

A third category that is also categorized under the Intangible category is called Intellectual. These can be things that are not physical in nature but still carry significant value. These can be things like design concepts, song lyrics, book manuscripts, screenplays, etc. Examples include the logo of a company like Puma or the recipe for a Mcdonald’s burger. To enforce their ownership of an intangible asset, individuals or businesses can hire lawyers to legally protect themselves and their items.

Now that we have understood in broad terms what is property, let us look at the different types of assets in India. If you are considering buying some, you can also read about how to check property ownership online in India.

What is Property types in India?

In India, the concept or idea of land has been legally enforced by way of various enactments such as Benami Transactions (Prohibition, Act) 1988 and the Sale of Goods Act, 1930. There are different types of property in India which can be classified into:

What is Property: Movable and Immovable 

In layman’s terms, a moveable property is anything that one can move from one place to another without causing any damage to it. Immovable, on the other hand, is the one that cannot be moved from its original place. However, there are some exceptions.

What is Movable Property?

As per law, under Section 2(9) of the Registration Act, 1908, “Movable property includes standing timber, crops, and grass, fruit upon and juice in trees, and asset of every other description, except immovable ones.”

Section 22 of IPC defines movable ones as, the words “movable property” are intended to include corporeal part of every description, except land and things attached to the earth or permanently fastened to anything, which is attached to the earth.

What is Immovable Property?

Section 3(26) of the Transfer of Property Act describes an immovable property as all the immovable things and rights by excluding timber, grass, and crops. 

Section 3(26) of the General Clauses Act, describes “Immovable Property” shall include land, benefits to arise out of the land, and things attached to the earth or permanently fastened to anything attached to the earth.

What is Property: Private and Public

Private property designates a legal and non-governmental entity with the ownership of an asset. This can either include personal or capital goods. The political system of the country supports and enforces the concept of private assets. When an individual owns property their personal use and benefits it is a private asset. This can be any tangible or intangible owned by an individual or a corporation, for example, land, buildings, copyrights, patents, etc. 

Public asset, as signified by their name belongs to the public and is owned by the state. This, thus belongs to the public as a whole and not to anyone individual or firm, for example, parks, hospitals, public toilets etc. Any amenities or premises that the government or a community manages are public land. The government or community manages this amenity for the convenience of the public and for their benefit. 

What is Property: Personal and Real Property

Personal property is movable. Anything that can be subject to ownership is Personal part, except for land. There are two types of personal assets- chattels and intangibles.

One can be feel and touch chattels and can move them from one place to another without any destruction. Securities, bonds, franchises, patents, copyright, trademark, bank accounts etc. are intangibles that one cannot be touch or feel but give the owner a specific right to do something. Or the right to use something. In comparison, Real asset is immovable. Land and anything attached to the land is called Real Property. 

Understanding what is property

We hope this guide was helpful in understanding what is property, its meaning, and its various types. It is generally considered to be an asset as it has some current, or potential monetary value. However, in some cases, it can also be a liability in some situations. For example, if someone sustains an injury while on your asset, you may be legally responsible to pay their medical bills.

One can determine an individual’s net worth by calculating the total value of the assets they own. This can include but is not limited to, real estate, cars, jewelry, stocks, bonds, savings etc. Their liabilities and debts are subtracted from this number to arrive at their net worth.

If you enjoyed reading this blog, you can also consider reading our blog on property tax, which details how to check property ownership online in India, how to change the name in property tax online etc.

FAQs

What is property?

The term property describes anything that someone – a person or a business has a legal title over. By having a legal title, the owners have some enforceable rights over the said asset.

What is tangible property?

Tangible can include automative vehicles, industrial equipment, furniture and real estate.

What is intangible property?

Intangible describes those assets that have current or potential value, but do not have any intrinsic value of their own. They carry the promise of future worth such as stock and bond certificates.

What is intellectual property?

Intellectual Property can be things that are not physical in nature but still carry significant value. These can be things like design concepts, song lyrics, book manuscripts, screenplays etc.

How to check property ownership online in india?

The first step to check details online is to find the online portal that is applicable for your state. This online portal will help you easily check land and records online. All major states, which includes Gujarat, Maharashtra, Karnataka, Tamil Nadu, Punjab, Bihar, Rajasthan, Uttar Pradesh and Madhya Pradesh have an online portal. All of these states maintain their land and records online.

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