Section 5 of Transfer of Property Act (TPA) lays down what would be considered as a transfer under the Act, any transaction whereby property passes from one person to another to be called transfer but not every transfer to be called transfer under the said Act, it must satisfy the ingredients of Section 5 of TPA.
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The ingredients of Section 5 are as follow:
1. Act of the parties, it mean an activity or a procedure which has been followed and by which parties have interchanged their rights and liabilities.
2. Intervivos, the parties to the transfer of property must be living person.
3. Conveyance, it means creation of new right and extinguishment of a previous right i.e. absolute control over the property by new owner.
4. Present or in Future, transfer may take place immediately or may take place in future. The words present and future used in section should be read with the word conveyance and not with the property.
5. To one or more living person, the property can be transferred either to a single individual or a to many other person at the same time.
