(1) Every citizen shall, subject to law, have the right
to acquire, own, sell, dispose, acquire business profits from, and otherwise deal
with, property.
Provided that the State may levy tax on property of a person, and tax on
income of a person in accordance with the concept of progressive taxation.
Explanation: For the purposes of this Article, “property” means any form of
property including movable and immovable property, and includes an intellectual
property right.
(2) The State shall not, except for public interest, requisition, acquire, or
otherwise create any encumbrance on, property of a person.
Provided that this clause shall not apply to any property acquired by any
person illicitly.
(3) The basis of compensation to be provided and procedures to be
followed in the requisition by the State of property of any person for public
interest in accordance with clause (2) shall be as provided for in the Act.
(4) The provisions of clauses (2) and (3) shall not prevent the State from
making land reforms, management and regulation in accordance with lawfor the
purposes of enhancement of product and productivity of lands, modernization and
commercialization of agriculture, environment protection and planned housing and
urban development.
(5) Nothing shall prevent the State from using the property of any
person, which it has requisitioned for public interest in accordance with clause (3),
for any other public interest instead of such public interest.