Transfer Of Property Act

The Transfer of Property Act, 1882 is a central legislation in India that governs the transfer of property. It applies to all transfers of property made within India and also to transfers of property made by Indians outside India.

Key Highlights of the Transfer of Property Act:

• Definition of Transfer: The act defines transfer of property as the creation of a new owner in respect of a property by delivering possession or creating an interest in favour of the new owner.
• Types of Transfers: The act categorizes transfers of property into various types, including absolute transfers, alienation, reversion, mortgage, and creating various kinds of interest in land.
• Essential Ingredients: A valid transfer of property requires the presence of the following essential ingredients:
  • Transferor: The owner of the property who is transferring it.
  • Transferee: The person who receives the property.
  • Property: The property being transferred.
  • Intention to Transfer: The transferor must have the intention to transfer the property.
  • Acknowledgement of Transfer: The transferee must acknowledge the transfer of property.
• Procedure for Transfer: The act outlines a procedure for transferring property, which includes filing a deed of transfer and paying stamp duty.
• Rights and Duties of Transferor and Transferee: The act defines various rights and duties of the transferor and transferee, such as the duty of the transferor to deliver possession of the property and the duty of the transferee to pay any outstanding taxes.
• Presumptions: The act makes certain presumptions about the transfer of property, such as the presumption of joint ownership if the property is jointly owned.

Key Amendments:

The Transfer of Property Act has been amended several times over the years to keep pace with changes in society and law. Some of the key amendments include:

• The Transfer of Property (Amendment) Act, 1886: This act introduced several new provisions, such as the doctrine of implied warranty and the doctrine of adverse possession.
• The Transfer of Property Act (Amendment) Act, 1908: This act amended the law relating to mortgages and disqualified certain persons from inheriting property.
• The Transfer of Property Act (Amendment) Act, 1982: This act introduced provisions to prevent fraud and forgery in land transactions.

Sources:

• Transfer of Property Act, 1882: [Link to Act]
• Indian Law