As the name suggests, immovable property is a property that can’t be moved physically. The term ‘Immovable Property’ is usually used for real estate, i.e. a piece of land, plot, flat, factory, manufacturing unit, warehouse. Apart from real estate, other examples of immovable properties can be trees, and plants.
It is important to note that an immovable property is registered under Registration Act, 1908 if the value of such property is more than Rs. 100. It also attracts stamp duty under Indian Stamp Duty Act 1899. Such property cannot be transferred without a will, gift deed or partition and simultaneous registration of the property in the beneficiary’s name.
Difference between movable and immovable propertyThe difference between movable and immovable properties is clear from the terminologies. A movable property is everything that doesn’t come into the ambits of immovable property. Movable properties attract value added taxes, and can be transferred easily.
What is immovable property?
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2021-03-08T17:17:36+00:00 2021-03-08T18:56:30+00:00Comment
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