Transfer of Property Act
The Transfer of Property Act of 1882 pertained to British India and outlined the legal procedures for transferring property from one person to another. The act defined "transfer of property" as "an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, or to himself and one or more other living persons." This means transferring of property needed to occur between living people, needed to happen in the present or future and could be between single people or groups of people. Transferable property could be movable or immovable.
Other People Are Reading
-
Location
-
India is a country in Asia that is bordered by the Bay of Bengal, the Indian Ocean, the Arabian Sea and the Himalayan mountains. As of September 2009, it had an area of 1,269,210 square miles, making it the seventh-largest country in the world. India had a population of over 1.028 billion people as of a 2001 census.
Government
-
India is a Sovereign Socialist Democratic Republic and has a parliamentary system of government. The Indian Parliament is made up of the president, the House of the People and the House of the States. The constitution for this government came into effect on January 26, 1950. The Transfer of Property Act carried to the new government from previous British India and was last amended in 2002, as of September 2009.
-
Purpose
-
The Transfer of Property Act of 1882 states that any property can be transferred between parties with the following exceptions: heir-specific transfers, rights of re-entry, easement, property that cannot be enjoyed by anyone but the owner, the right to sue, public office or salary, military and civil pensioner stipends and property given to transferees legally disqualified to receive it. The Transfer of Property Act also outlines transfers of property by act of parties, sales of immovable property, mortgages and charges, leases of immovable property, exchanges, gifts and actionable claims.
Commerce and infrastructure in India expanded in the late nineteenth century and increased the importance of having specific laws in place to govern transactions. Conflicts can easily arise when making business exchanges that often involve large sums of money. The Transfer of Property Act of 1882 governs this aspect of the Indian economy to control potential conflicts.
History
-
India was rife with conflict under British rule in the 1800s. British occupation of India in the early nineteenth century caused conflicts of landholders and taxation. Indian landowners grew angrier because of property loss, limited means for entrepreneurship and high taxation. The Republic of India gained its independence 1947 after nearly 200 years of violent and nonviolent struggle.
Implications
-
Despite conflict, the British were able to expand the infrastructure of India in the second half of the nineteenth century. The economic impact of this was minimal largely because of famines in the 1880s and 1890s. The Transfer of Property Act of 1882 aided in Indian commerce in this expanding environment of exchange.
-
