Section 5 of the Transfer of Property Act Defines the 'Transfer of Property and Section 6 of the said Act makes it clear, what may be transferred.
Meaning and Definition of Transfer of Property (Section 5 of Transfer of Property Act 1882) -
Section 5 of the Transfer of Property Act 1882 provides a definition, As per said Section “Transfer of property” — In the following sections “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, or it himself and one or more other living persons; and “to transfer property” is to perform such act. in this section “living person” includes a company or association or body of individuals, whether incorporated or not, but nothing herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, associations or bodies of individuals.
What may be transferred?
According to Section 6 of the said Act, Property of any kind may be transferred, except as otherwise provided by this Act or by any other law for the time being in force:
(a) The chance of an heir-apparent succeeding to an estate, the chance of a relation obtaining a legacy on the death of a kinsman, or any other mere possibility of a like nature, cannot be transferred.
(b) A mere right of re-entry for breach of a condition subsequent cannot be transferred to any one except the owner of the property affected thereby.
(c) An easement cannot be transferred apart from the dominant heritage.
(d) An interest in property restricted in its enjoyment to the owner personally cannot be transferred by him.
(dd) A right to future maintenance, in whatsoever manner arising, secured or determined, cannot be transferred.
(e) A mere right to sue cannot be transferred.
(f) A public office cannot be transferred, nor can the salary of a public officer, whether before or after it has become payable.
(g) Stipends allowed to the military, naval, air force and civil pensioners of the Government and political pensions cannot be transferred.
(h) No transfer can be made (1) in so far as it is opposed to the nature of the interest affected thereby or an unlawful object or consideration within the meaning of section
(i) Nothing in this section shall be deemed to authorize a tenant having a nontransferable right of occupancy, the farmer of an estate in respect of which default has been made in paying revenue, or the lessee of an estate under the management of a court of Wards, to assign his interest as a such tenant, farmer or lessee.
Who is competent to make a Transfer -
As per Section 7 of the Transfer of Property Act 1882, Persons competent to transfer, Every person competent to contract and entitled to the transferable property, or authorized to dispose of transferable property not his own, is competent to transfer such property either wholly or in part and either absolutely or conditionally, in the circumstances, to the extent and in the manner, allowed and prescribed by any law for the time being in force.