Difference Between Movable and Immovable Property

Ans: Movable property may attract GST or capital gains tax, while immovable property involves stamp duty, registration charges, property tax, and capital gains tax.

Ans: A vehicle is movable property since it can be transferred and transported without altering its identity.

Ans: Furniture is movable property as it can be shifted easily from one place to another.

Ans: Jewellery is considered movable property and is taxed under capital gains when sold.

Ans: Yes, immovable property can be gifted, but it requires a registered gift deed and payment of applicable stamp duty.