Section 414
Property May Be Transferred
(1) Any person, other than a person
who is not competent to make contract pursuant to this Act or laws
in force, may, subject to this Act, transfer a property in which he or
she has right and ownership to one or more than one person jointly
or severally.
(2) The competency or incompetency referred to in subsection
(1) shall be determined on the basis of whether he or she
was competent or incompetent at the time of the transfer of property
by him or her.
(3) A person may, pursuant to sub-section (1), transfer a
property in which he or she has right and ownership to another
person with immediate or testamentary effect.
(4) In transferring a property pursuant to this Section, a
deed shall be executed in fulfillment of the legal requirements.
Provided that:
(1) It is not required to execute a deed to donate or gift any
movable property or cash amounting up to one hundred
thousand rupees.
223
(2) Sale or otherwise transfer of a movable property shall
be made in accordance with the laws in force.