All rights in moveable or immoveable property are assignable by way of gift, hire, lease or sale by § 30 of Trustees and Mortgagees Powers Act 1866 a person may transfer to himself and another person or persons or corporation any moveable property that is by law assignable, as if he were transferring the property to another. Any actionable claim (chose in action) other than debt secured by mortgage of immoveable property or hypothecation or pledge of moveable property or beneficial interest in property not in possession of claimant, which actionable claim would be recognized in court of law as entitling relief to creditor, may be transferred. Such transfer must be in writing and signed by transferor or his duly authorized agent and can be with or without consideration.
Sale of tangible immovable property over value of Rs. 100 or of reversion can only be effected by registered assignment. Where value of such tangible immovable property is under Rs. 100 it can be effected by mere delivery.
A gift (transfer without consideration) must be made within lifetime of donor. A donor may also dispose of, in expectation of death, any moveable property that he could have disposed of by gift. A gift by a Muslim, which is called Hiba can be either of immoveable or moveable property without consideration and by word of mouth but in the case of immoveable property the donee must take possession of the property.