ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -“Property” means property of any kind, whether movable or immovable, tangible or intangible, and includes any right or interest in such property. Section 2 (11) of the Sale of Good Act, 1930 defines property as: “Property” means the general property in goods, and not merely a special property.

Detailed explanation-2: -Tangible personal property is anything that can be held and has definitive value while intangible personal property is anything that doesn’t have any obvious value and can’t be touched.

Detailed explanation-3: -Tangible property consists of real property and personal property. Real property is property that does not move, such as land and the things that are attached to or built on that land. Intangible property consists of property that lacks a physical existence.

Detailed explanation-4: -A tangible asset has a finite value and a physical existence. Tangible assets can typically always be bought or sold in the market for some monetary value, but the liquidity can vary accordingly. An intangible asset does not have a physical existence.

Detailed explanation-5: -Tangible personal property includes equipment, supplies, and any other property (including information technology systems) other than that is defined as an intangible property. It does not include copyrights, patents, and other intellectual property that is generated or developed (rather than acquired) under an award.