Registration is not required for movable properties.
Fixed assets include land and other things that are attached or permanently attached to the land and movable assets are those that can be easily moved from one place to another.
There are many legal terms related to property which are difficult for a layman to understand. Only legal savvy can understand them better. Similarly, there is confusion among people regarding movable and immovable property. Today we will remove this confusion of yours.
This information can be very useful for you before buying a house or any property. After all, we invest a lot of money in buying a property. For this it is very important to know that there are many types of qualities. Let us tell you, movable and immovable assets are of two types.
What are movable and immovable property?
The property which cannot be transferred from one place to another is called immovable property, for example, a house, shop, factory etc. As per section 3(26) of the General Property Act, 1897, immovable properties include land and others. Things attached to or permanently attached to the earth.
Movable assets are those that can be easily moved from one place to another, for example cars, jewelery and laptops. As per section 2(9) of the Registration Act, 1908, movable properties also include timber, crops and grass, fruits and fruit juice in trees. Fixed assets are generally considered to be fixed assets such as residential houses, warehouses, manufacturing units or factories. Plants or trees attached to the ground also come under immovable property. Real estate is subject to legal regulations and taxes.
difference between movable and immovable property
As mentioned earlier the property which is not attached to the land and can be transferred from one place to another is called movable property which is also known as floating property. Registration is not required for movable properties. If the value of the immovable property exceeds Rs 100, its registration is required under the Registration Act 1908. Movable property can be easily divided while immovable property cannot be divided. Immovable properties cannot be transferred to anyone without making a will or without gift or partition, while movable properties can easily be gifted to anyone.