Entry 6 ofList III (Concurrent List) of Seventh Schedule to Constitution reads ‘Transferof property other than agricultural land; registration of deeds and documents’.Thus, transfer of property is a ‘Concurrent Subject’. Both Central andState Government can take legislative action in respect of transfer of propertyexcept that relating to agricultural land. [Transfer of agricultural land is aState subject under Entry 18 of List II (State List)]
The Actproposes to prescribe law relating to transfer of property by act of parties.Thus, the Act applies only to voluntary transfer or property. It does not covertransfer of property by ‘will’.
Section 4 ofthe Act clarifies that the part of the Act which relates to contracts shall betaken as part of Indian Contract Act and some specified sections shall be readas supplemental to Indian Registration Act. Thus, the Act is complimentary toIndian Contract Act and Registration Act. The Act applies both to movable andimmovable property.
Transfer of Property – ‘Transfer of Property’ means an act bywhich a living person conveys property, in present or future, to one or moreliving persons, or to himself or to himself and one or more other livingpersons. ‘Living person’ includes a company or association or body ofindividuals, whether incorporated or not. [section 5]. - - The property may bemovable or immovable, present or future. - - Such transfer can be made orally,unless transfer in writing is specifically required under any law. [section 9].- - Any person competent to contract and entitled to transferable property, orauthorised to dispose of transferable property on his own, is competent totransfer such property. The property can be transferred wholly or in part. Itcan be transferred either absolutely or conditionally. Such transfer can beonly to the extent and in manner allowed and prescribed by law. [section 7].
Sale of immovable property – ‘Sale’is a transfer of ownership in exchange for a price paid or promised orpart-paid and part promised. Such transfer in case of tangible immovableproperty of value of Rs 100 or more can be made only by a registeredinstrument. Delivery of tangible immovable property is made when seller placesthe buyer, or such person as he directs, in possession of property. Thus,delivery of immovable property can be only by handing over actual possession tobuyer or to a person authorised by buyer. [section 54].....
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