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1. Movable Property – Movable property means property; the location of which can be changed, including things growing on, affixed to, or found in land, and documents although the rights represented thereby have no physical location.

2. Immovable Property – Immovable property includes; land, buildings, hereditary allowances, right to ways, lights, ferries, fisheries or any other benefit to arise out of land and things attached to the earth, or permanently fastened to anything which is attached to the earth but not standing timber, growing crops nor grass.

3. Tangible Property – Tangible personal property is physical property that can be touched, such as furniture, clothing, and vehicles. It’s distinct from the other major class of property, real property (or real estate), in that you can move it from one location to another; real property is permanently attached to a single location.

4. Intangible Property – Intangible personal property is an item of individual value that cannot be touched or held. Intangible property is not just limited to individuals. Companies also have intangible property, such as patents, copyrights, life insurance contracts, securities investments, and partnership interests.

5. Corporeal Property – Corporeal property is the right of ownership in material things. Incorporeal property also called as intellectual or conventional property. It includes all those valuable interests which are protected by law. Corporeal property is always visible and tangible.

6. Incorporeal Property – Incorporeal property also called as intellectual or conventional property. It includes all those valuable interests which are protected by law. Corporeal property is always visible and tangible. Incorporeal property is intangible.

7. Property in the converted form – The type of property that can be converted is determined by the original nature of the cause of action . It must be personal property, because real property cannot be lost and then found. It must be tangible, such as money, an animal, furniture, tools, or receipts.

8. Proceeds from the property What are Proceeds?

  • Proceeds refers to the cash received from the sale of goods or assets..
  • Net proceeds equal the gross proceeds minus all the costs.
  • For example, if a real estate agent sells a house for INR 100,000, that amount represents the gross proceeds.

9. Legal documents/ instruments evidencing – title to or interest in the property

10. Right or interest in such property –The legal interest in a property refers to the right to possess or use property. It belongs to the legal owner, ie the person who is registered at the Land Registry on the title deeds. Legal interest gives the owner a right of control over the property, which means they can decide to sell or transfer the property.

 A Benami Property.

The Supreme Court has observed that the enquiry as to whether a particular transaction is Benami or not, is largely one of fact, and for determining this question, no absolute formulae or  straight jacket formula can be laid down which is uniformly applicable in all situations.

However, there are some factors which weigh a great deal with the Courts in such an enquiry:

(i) The source from which the purchase money has come ;

(ii) The nature and possession of the property, after the purchase;

(iii) Motive, if any, for giving the transactions a benami colour;

(iv) The position of the parties and the relationship, if any between the claimant and the alleged benamidar;

(v) The custody of the title-deeds after the sale; and

(vi) The conduct of the parties concerned in dealing with the property after the sale.

(vii) After sale of property if original deeds are still with the seller and buyer is unable to produce the same then it is considered as benami .

On whom the burden of proof is cast

The burden of proof is cast on the person who is asserting that the property is benami. The facts of case and documentary evidence in the case of Shri Akashdeep Vs Manpreet Estate LLP (Appellate Tribunal for PBPT Act) it was alleged that the burden of providing, that a particular property is Benami or a person is Benamidar /beneficial owner/interested party, is upon the Initiating Officer alleging the same and such burden has to be strictly discharged based on legal evidence.


Author Bio

I am S.K.Jain , Tax Consultant cum Advocate practising in Income Tax , GST , Company Matters . The name of the concern is S.K. Jain and Co. and I am prop. of this concern . I am in practice for the last 30 years . Professionals and non professional can feel free to contact me on mail . My mail ID is View Full Profile

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July 2024