Transfer of Property as per Laws: The term “transfer of property” as defined by Sec 5 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 or to himself and one or more other living persons.
In this section, the term, ”living person” includes a company or association or body of individuals whether incorporated or not.
Property: The word, ”property,” is used in this Act in its widest and most generic legal sense. Therefore, an actionable claim, as also the right to reconveyance land may be termed ”property”. However, the power of appointment is not a property
Transfer: The word, ”transfer,” is defined with reference to the word ”convey”. In India, the term ”transfer” is used in its wider sense. It includes the transfer of interest in the property with the conveyance of property. This word is, sometimes, used, in its wider sense, to include any form of assurances between two parties, such as mortgages, charges, leases, gifts, assents, vesting declarations etc.
Living person: These words exclude transfers by will, for a will operates from the death of a testator.
In present or in future: A transfer of property may take place, not only in the present, but also in the future, but the property must be in existence. A transfer of property that is not in existence operates as a contract to be performed in the future which may be, specifically, enforced as soon as the property comes into existence.
Section 5. of Transfer of Property act defines the Transfer of property as
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 to himself and one or more other living persons; and “to transfer property” is to perform such 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 transfer of property to or by companies, associations or bodies of individuals.
Transfer of Property
Section 6. of the Transfer of Property Act defines about the item / product which may be transferred
Property of any kind may be transferred, except as otherwise provided by this Act or by any other law for the time being in force.
(a) The chance of an heir-apparent succeeding to an estate, the chance of a relation obtaining a legacy on the death of a kinsman, or any other mere possibility of a like nature, cannot be transferred.
(b) A mere right of re-entry for breach of a condition subsequent cannot be transferred to anyone except the owner of the property affected thereby.
(c) An easement cannot be transferred apart from the dominant heritage.
(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.
(f) A public office cannot be transferred, nor can the salary of a public officer, whether before or after it has become payable.
(g) Stipends allowed to military, naval, air-force and civil pensioners of the government and political pensions cannot be transferred.
(h) No transfer can be made (1) insofar as it is opposed to the nature of the interest affected thereby, or (2) for an unlawful object or consideration within the meaning of section 23 of the Indian Contract Act, 1872 (9 of 1872), or (3) to a person legally disqualified to be transferee.
(i) Nothing in this section shall be deemed to authorise a tenant having an untransferable right of occupancy, the farmer of an estate in respect of which default has been made in paying revenue, or the lessee of an estate, under the management of a Court of Wards, to assign his interest as such tenant, farmer or lessee.
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