From what I know, the term "property" is used in a variety of contexts. When you check around the area, everything that is available might be classified as Property. Property can be defined as any tangible or intangible object that has some value to humans. Although the value can be financial or personal. The property includes land, stock, buildings, and money owed to another person. Let’s take a look what is the meaning of property.
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What is mean by property?
The concept "property" refers to your whole legal rights. It involves your total ownership of both physical and immovable objects. The phrase refers to the rights of ownership of intangible assets such as buildings and other structures. The term "property" involves more than just material possessions. Property refers to the maximum right of ownership recognised by law, which includes responsibility. Both proprietaries and your personal rights are included in the Property.
Types of properties:
Corporeal property and incorporeal property are the two types of property. The difference between corporeal and incorporeal property is that corporeal property is clearly visible, but the incorporeal property is not. Furthermore, corporeal Property refers to the right of ownership over the tangible property, whereas incorporeal Property refers to an intangible right in person.
These are the two types of properties that are available.
1) Corporeal Property has a physical existence in the world and is associated with things like land, houses, jewellery, silver, and so on.
2) Incorporeal Property is intangible since neither visible nor physical evidence of its existence exists. Copyrights and easements are both examples of incorporeal property.
Types of corporeal property:
1) Immovable Property
The phrase "immovable property" is defined in Section 3 of the General Clauses Act of 1897 and Section 2(6) of the Indian Registration Act of 1908. Land, as well as anything related to and established in the land, is included.
2) Movable Property,
On the other hand, movable property refers to any corporeal property that is not immovable. Furniture, stationery, and other stuff may be included. The issue of immovable property is more important and has been carefully addressed in Indian legislation.
I hope you understood what is the meaning of property.
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What is mean by property?
ajay
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2022-04-21T16:34:10+00:00 2022-04-21T16:34:11+00:00Comment
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