AKSHAY KSHIRSAGAR
TYPES OF PROPERTY IN INDIA THAT CANNOT BE TRANSFERED
By Adv Akshay Kshirsagar on 26 Nov 2021 5.38pm
Transfer of Property Act
Earlier Transfer of Property did not extend to State of Bombay but, after official gazette by the state government the act now applies to the whole of India. Transfer of Property act is not retrospective being pre-eminently codification of substantive rights and not merely of procedural law. Therefore has no retrospective effect.
Types of Transfer
Following is considered transfer as per the act Sale, Mortgage, Lease, Exchange and Gift.
1. In sale, consideration is a price paid or promised to paid.
2. Mortgage is transfer of limited interest in the property.
3. Lease is the transfer of a right to enjoy immovable property for certain time to enjoy the immovable right.
4. Exchange is with no consideration, but transfer of another thing.
5. In a gift there is no consideration.
What property cannot be transferred
Section 6 of the act enumerates 13 kinds of property which cannot be transferred.
1. Spes Successionis or a mere hope of succession (Chance of an heir-apparent succeeding to an estate).
2. The Chance of relation obtaining legacy on the death of a kinsman.
3. Any other mere possibility of like nature, that is similar to clause 1 and 2 above cannot be transferred.
Allahabad High Court in Devi Prasad V Lewis (1909) 31 ALL.304 held that
the future wages of servant before they are earned is mere expectancy so cannot be transferred or sold.
4. A mere rights of re-enter the property on the breach of condition cannot be transferred to any one except owner of property.
Registration Process
You must first incorporate or register your business as Limited Liability Partnership, Partnership or Private Limited Company.
Post incorporation registration visit startup India website. Fill-up the form with details of your business. Enter the one time password which is sent to your e-mail and other details like, startup as the type of user, name and stage of the startup, etc. After entering these details, the Startup India profile is created.
Documents for Registration
1. Incorporation Certificate.
2. Details of Director.
3. Proof of startup and innovation through website.
4. PAN.
5. Patent or trademark details.
Recognition Certificate
The next step after creating the profile on the Startup India Website entity will receive recognition certificate as below.
Department for Promotion of Industry and Internal Trade (DPIIT) Recognition.
This recognition helps the startups to avail benefits like access to high-quality intellectual property services and resources, relaxation in public procurement norms, self-certification under labour and environment laws, easy winding of company, access to Fund of Funds, tax exemption for 3 consecutive years and tax exemption on investment above fair market value.
