Since the dawn of evolution, humans have classified properties based on their shape, size and use case. Generally, any property can be broken down into one of two categories- immovable and movable. As the name suggests, movable property can be relocated or shifted from one position to another with ease. Movable property examples can include anything from cash money, and vehicles, to jewellery and watches. Improvable property is any property that cannot be shifted or relocated. A Real Estate structure, like a house, is an example of immovable property. Now that we know how to define immovable property, let’s take a look at the laws, rules and regulations around the immovable property.
Property can have a vast meaning in a deeper and real sense. Although it includes valuable items like money, jewellery and houses, it generally includes items of intangible value that add as a source of income or add to the wealth of a person. With respect to Section 2(6) of The Registration Act,1908 meaning of Immovable Property is described. The act defines "Immovable Property" meaning as: "Immovable Property includes land, building, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of the land, and things attached to the earth or permanently fastened to anything which in turn is attached to the earth except standing timber, growing crops nor grass".
Quality Service Guarantee Or Painting Free Unbeatable Price 5-Star Rated Partner! 2200+ Shades! Top Quality Paint Free Cancellation!
Immovable asset examples include:
According to all the definitions of immovable property, generally, the structure of the property is directly or indirectly attached to the ground. For example, a house is attached to the earth, and hence it is an immovable property. An important thing to note here is that the land on which the house is constructed is also considered to be tangible immovable property. In terms of the real estate market across the globe, an immovable property includes a home and the land surrounding it. It also includes any item or part in a house which comes with the house and it falls under the house's functioning, like drainage systems or air conditioning units.
If you own immovable property, you will also have some associated rights with the property including the following:
By now, you must have understood the basic difference between movable and immovable properties – i.e. – movable properties like watches and jewellery can be moved while immovable properties like real estate cannot. We can accordingly infer some of the other differences associated with them including:
India is a country that has historically undergone a major regime shift almost every century. It’s no wonder the laws around Property and its classification can get confusing. A major portion of India’s Property Laws is based on the Transfer of Property Act, 1882, which was introduced by the British regiment ruling over the country. Over time, the definition and acts have changed and evolved to make the laws clearer. Yet, no definition of the concept is exhaustive. Let’s take a look at the most significant laws associated with the details of immovable property and its wider definition. An Immovable Property is any asset that cannot be shifted or relocated. Concerning Section 3(26) of the General Clauses Act, 1897 and the Transfer of Property Act, 1882, the sale of immovable property notes the following under its bracket.
Any surface, above or beneath the ground. Any or all objects attached or installed to the surface with the intention of permanent settlement. It is a tangible immovable property example.
Hereditary allowances, right of way, equity of redemption, and right to collect rent are all basic rights for any immovable property.
Things rooted in the earth, things embedded in the earth, things attached to what is so embedded, and chattel attached to earth or building are considered immovable.
These exceptions were made over time based on the Court’s Case Laws on Immovable Property.
In terms of disputes between international parties, conventions of Private International Law are considered. Under the Private International Law, Lex situs i.e. The law of the place where the immovable property is situated governs the rules of succession and should be adhered to.
Humans have always stayed in a close-knit community and love to exchange gifts, be it on any occasion. According to IPC, Gifts are taxable and there are laws related to the tab of tax bracket. Let’s take an in-depth look at Section 56(2)(x) of the Income-tax Act, 1961 and see how the gift deed of Immovable Property is taxed in India:
| Type of Gift | Scenario | Tax Amount Payable |
| Without Consideration: (Any land, building, tree, etc falling under immovable property) | Stamp Duty Value of Property exceeds ₹50,000 | Equals Stamp Duty Value of the Property |
| With Consideration: Any land, building, tree, etc falling under immovable property | Stamp Duty Value of the Property exceeds consideration by being more than ₹50,000 | Stamps Duty Value of the Property minus Consideration amount |
Exemptions:
Owning a property is a dream come true for a majority of Indian households. However, not everyone is a tax expert and the plethora of rules and regulations around an Immovable Property can be a headache for anyone to go through. It becomes important to understand the conventions and law, and hence it’s important to plan your taxes within the frameworks and reap the most benefits. While the benefits are huge, a small mistake or misunderstanding can lead to huge mistakes, such as cases of tax evasion. With NoBroker’s Expert Legal Services, you can save big on legal procedures and ensure you don’t miss out on any information. For any legal assistance, click below and our experts will reach out to you.
Ans. The immovable property meaning in Hindi is अचल संपत्ति (achal sampatti)
Q2. What are Immovable Properties?Ans. An Immovable Property is any asset that cannot be shifted or relocated. With respect to Section 3(26) of the General Clauses Act, 1897 and the Transfer of Property Act, 1882, the sale of immovable property notes the following under its bracket.
Land:
Land Benefits:
Hereditary allowances,
Anything ‘Attached to Earth’
Things rooted in the earth, Mineral below the Earth’s soil
Ans. In terms of disputes between international parties, conventions of Private International Law are considered. Under the Private International Law, Lex situs i.e. The law of the place where the immovable property is situated governs the rules of succession and should be adhered to.
Q4. What is Standing Timber in terms of the concept of immovable property?Ans. Trees that didn’t bear fruit and were planted for their economic benefits are considered standing Timber. These include Babool, Shisham, Nimb, Peepal Banyan, Teak, Bamboo, etc.
Q5. What are the exemptions on the Gift of immovable property in property law?According to Section 56(2)(x) of the Income-tax Act, 1961, exemptions on the gift of immovable property include:
Gift of Immovable Property from Father to Son
Gift of Immovable Property to Relative
Gift of immovable property to Brother
Loved what you read? Share it with others!
