Also called movables or personal property, movable property is a property or asset that can be transported from one place to another without any alterations in its shape or value. Furniture, vehicles, books, clothing, jewelry, etc. are movable properties. Negotiable instruments (such as bills of exchange and banknotes) and intangible goods that aren’t attached to a location such as intellectual property and services are also immovable properties. If a movable property is affixed to an immovable property and detaching it from the immovable asset would affect its value or shape, then the movable property is not movable.
Registration, Taxation & Ownership
Unlike an immovable property, a movable property doesn’t require registration under the Indian Registration Act, 1908 or legal documentation. However, it’s subject to sales tax, which an unmovable property is not. Selling or ownership transfer of a movable property doesn’t entail formal documentation specifying the property’s owner. However, when the movable good is particularly valuable, such as a car, documentation may be required.
A lost, abandoned or mislaid property’s ownership could be transferred to an individual who locates and keeps the property if the real owner of the good can’t be identified. In case the original owner is found but he fails to prove ownership of the property within a specified time period (which is usually quite long), the property ownership would then be legally transferred to the person in possession of the property.