Types Of Property In India

-

  

                              6 Risks of Joint Property Ownership in Maryland | McDonald Law Firm

                                   * Types Of Property In India *


There are different types of property in India which can be classified into :

* Movable and Immovable Property

* Tangible and Intangible Property

* Private and Public Property

* Personal and Real Property

* Corporeal and Incorporeal Property  


What are the two main types of property ?

There are two basic categories of property : real and personal .


What are different types of properties ? 

Number Properties - definition with Examples

Commutative Property . Associative Property . Identity Property . Distributive Property . 


How many types of property are there ?

Property is essentially of two kinds Corporeal Property and Incorporeal Property . Corporeal Property can be further divided into Movable and Immovable Property and real and personal property .

Comments

Post a Comment

Popular posts from this blog

Disadvantages of Single Ownership of a Property

-
Image
Disadvantages of Single Ownership of a Property :- Ownership of a property can be differentiated into two, single ownership where an individual is the sole owner and joint ownership, where a copul or partners share the ownership. With an increasing number of youth interested in real estate investnent,single property ownership is often preferred. Disadvantages :- Single ownership puts the burden of financial responsibility on your shoulders which you cannot share. You will not be able to apply for higher loan amounts when owning a proerty alone. But in joint owneship, as the combined income of the owners is considered, eligibility for higher loan amounts are more. A rebate on stamp duty cannot be availed in sole ownership, but is offered on joint property ownership in same states. The peocess of transfer of property ownership upon the death of sole owner can be a complicated one regulated by succession laws and other related ownership rules.
Read more

Advantages of Single Ownership of a Property

-
Image
Advantages of Single Ownership of a Property :- Ownership of a property can be differentiated into two, single ownership where an individual is the sole owner and joint ownership, where a copul or partners share the ownership. With an increasing number of youth interested in real estate investnent,single property ownership is often preferred. Advantages : In case of EMIs, you do not have to wait for the co-owner to meet his financial liability in sharing the payments. The credit score will only be based on your financial performance and so if your partner has a low CIBIL score, it won't affect your ability to avail a home loan. When owning a property alone, you will not have to worry about the future of your property if there is a fall out between you and the co-owner. If the need comes to sell the property, you would not need to take another person's aprroval to do so. You will not have to share the tax benefits with anyone else and can apply for a tax rebate against home loan...
Read more

Inherited property

-
Image
 Inherited property:   Along with the property, you also inherit all liabilities like any loans outstanding or government dues like property can either be self-acquired by the deceased or acquired through succession as per Hindu succession laws.  What is inherited property in India? Inheritance is the practice of transferring property , titiles, debts, rights, and obligations to the lagal heir of a person upon the death of thet person either by way of   ‘Will’  or through the prevalent laws of succession.  Who can sell inherited property? Generally, co-owners are free to transfer/sell their share in the inherited property . However, one co-owner cannot transfer the share of other co-owner without permission. Selling the share in inherited  property involves an understanding of the nature of co-ownership and rights of all co-owners. 
Read more