Owning a property is a matter of pride and achievement as it signifies the hard work that you have put in to acquire it. When you decide to transfer your property to a loved one, then the process involved is relatively smooth, provided your information, paperwork and documentation is in order.
But first, let us understand what is meant by transfer of property. Property can be classified as an immovable and movable asset. The Transfer of Property Act 1882 is an Indian legislation which regulates the transfer of property in India. It contains specific provisions regarding what constitutes a transfer and the conditions attached to it. It came into force on 1 July, 1882. It defines 'transfer of property' as an act by which a person conveys the property to one or more persons, or himself and one or more other persons. The act of transfer may be done in the present or for the future. The person may include an individual, company or association or body of individuals, and any kind of property may be transferred, including the transfer of immovable property. (Reference: Wikipedia Transfer of Property Act 1882)
