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Reviewed by Jul 18, 2022| Updated on
Property is any physical or virtual entity owned by an individual or jointly owned by a group of individuals. One landowner has the right to do so. This has cultural, socio-political, religious, and legal consequences, at times. It is the legal realm that institutes the patented concept.
The property consists fundamentally of two categories: Corporal and Incorporeal Property. Corporeal property is visible and measurable because it is not incorporeal. In addition, the corporeal property is the right of possession of material objects, whereas incorporeal property is in rem an incorporeal privilege.
Property tax is a tax levied on land owned by a person or another legal body, such as a corporation. Most generally, property tax is an ad-valorem real estate tax which can be viewed as a regressive tax. It is measured by a local authority where the property is situated and charged by the property owner. Typically, the tax is based on the property's value, including the land. Most countries, however, still tax tangible personal properties, such as vehicles and boats.
Real property means land and any property immediately attached to it, including any subset of land enhanced by legitimate human acts. Examples of real estate can include, among other items, houses, ponds, canals, highways, and machinery.
The movable property shall include any corporeal property that is not immovable. It can include pieces of furniture, stationery, etc. according to Section 3 of the General Clauses Act, 1897.
The term immovable property is specified in Section 2(6) of the Indian Registration Act, 1908. This includes annexed objects and objects that are embedded in the ground.