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What type of personal property includes all movable wealth which is visible and the value of which can easily be assessed?
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∙ 13y ago
Anonymous
Tangible
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Is there a difference between property or real estate taxes?
No, if it's used in the general context. For example asking someone if they paid their property taxes or their real estate taxes is essentially saying the same thing. Technically, however, there are two types of "property" real and personal. Real property is the rights to land and improvements to the land. Personal property is all property other than real property; it's not permanently attached and is, therefore, movable. Examples of personal property include business equipment and furnishings.
What is mean by movable and immovable property?
In simple terms, immovable property refers to assets that are fixed or immobile/immovable or cannot be moved without causing destruction or permanent alteration to the asset. These refer to plain land, buildings or any permanent structure or feature that is either above or below the surface. Such properties are geographically delimited. Movable property, in quick and simple terms, refers to assets that can be moved without damage or permanent alteration to the asset or other related assets and can be used after removal. Examples include auto-mobiles, clothes, appliances, machinery, furniture, liquid assets (shares, bonds, deposits and anything else that can be easily converted into cash) and so on.
What is moveable assets?
Movable assets are those assets which can be move easily like machinery, vehicle etc.
What is the meaning of works contract?
A contract for carrying out any work which includes assembling, construction, building, altering, manufacturing, processing, fabricating, erection, installation, fitting out, improvement, repair or commissioning of any movable or immovable property. Where the works contract is in the nature of a taxable SERVICE, service tax will be liable on the value of such contract. Where goods are transferred and form integral part of the execution of such contract, VAT would be liable on such value of contract. However composite scheme is available for payment of taxes on works contract since they contain elements of both service tax and VAT. Composite tax of 4% can be paid to do away with the ST and VAT liabilities where no CENVAT credit will be allowed to be claimed.
What is the definition of subject to reservation of title in accounting terms.?
Reservation of titlea) Our deliverables remain our property up to payment of all our outstanding bills - irrespective of the reason and in particular also payments arising from previous mutual transactions. In the case of open accounts the reserved title serves as collateral for our balance claims. We reserve the right to decide which payments on account can be credited to which parts of the overall debts.b) If the delivered good is associated with another movable good in such a way as to be seen as a substantial part of a new good, the client shall already now transfer the pro-rata co-ownership of the new good to us. The client exercises possession of the new good on our behalf.c) The client may -- unless he has defaulted on payment of the purchase price -- resell our deliverable in the context of proper business on reservation of title against payment of cash or bill of exchange. As long as the goods subject to reservation of title remain with the client, he shall store them on our behalf with the due care and diligence of a prudent businessman.d) If the client sells the goods subject to reservation of title, he herewith transfers the total claims arising from reselling the goods subject to reservation of title; in the case of prior treatment or processing and/or combination with other goods not in our possession, he transfers the claims in the amount of the value of the processed good subject to reservation of title. If the good is sold for a lump sum, the client herewith transfers his purchase price claim in the amount of the value of the good subject to reservation of title that is the subject matter of this purchase contract.e) The client shall be obliged to notify the third-party debtor upon our request of the transfer indicating the amount of our claim. He is obliged to provide us with any information and materials required to assert our rights. If the value of the claims transferred to us exceeds our outstanding overall claim against the client by more than 20%, we shall be obliged at the client's request to re-transfer the part that is in excess.f) The client must not pledge, assign or transfer as a security either our goods subject to reservation of title or our rights or other instructions affecting our rights. The client shall notify us without delay of any influence of third parties -- including action concerning goods subject to reservation of title, any claims transferred by us or any rights as substantiated in the preceding paragraphs -- submitting any documentation which may be necessitated by intervention. Any and all costs of an intervention on our part shall be borne by the client.g) In the case of a default in payment we shall have the right to decide whether to assert the reservation of title while rescinding the contract or retaining it. Unless the reservation of title is explicitly asserted while rescinding the contract, it shall not be deemed a rescission.h) We shall have the right - upon exercising the return clause as defined in Item 9 of this agreement - to sell the purchase object by private contract setting it off against the purchase price claim. In this case the client is entitled to name potential buyers. In addition, we are obliged to notify the client prior to the conclusion of a purchase contract with a third party, disclosing to him the purchase price; the client then has the option to name a better potential buyer within seven days; a binding offer has to be submitted to us within this period. The deliverable shall be sold to the highest bidder
What type of personal property includes all movable wealth which is visible and the value of which can be easily be assessed?
tangible
What type of personal property includes all movable wealth which is visible and the value of which can easily be assessed (for example livestock or farm implements)?
general
What type of personal property includes all movable wealth which is visible and the value of which can easily be assessed for example livestock or farm implements?
tangible
Television sets automobiles are examples of what kind of personal property?
Movable property
Are tables from a restaurant personal or real property?
Generally, if they are attached to the building they would be considered part of the real property. If completely movable, they would be considered personal property.Generally, if they are attached to the building they would be considered part of the real property. If completely movable, they would be considered personal property.Generally, if they are attached to the building they would be considered part of the real property. If completely movable, they would be considered personal property.Generally, if they are attached to the building they would be considered part of the real property. If completely movable, they would be considered personal property.
Is a mobile home classified as personal property?
Yes it is a movable asset, so it could be classified as personal property.
What are Chattels under the Administration of Estates Act 1925?
Chattels, movable property or personal property.
What is tangible personal property?
Tangible personal property includes anything you own that is not attached to real property (land or improvements to land) and that has a physical form.Intangible personal property includes other things without physical form, such as personal rights in intellectual property (patents, trademarks, trade secrets, etc) or vested rights in things you do not yet possess.
If a fixture is permanently affixed to real property is it the personal property of the owner?
anything afixed to land is real property . personal property is that ,that is moveable such as a fridge or stove since they are pluged into a socket and are movable they are considered personal property .
What is the legal definition for personal belongings?
Personal property is any movable or intangible thing that is subject to ownership and not classified as real property. All property other than land and buildings attached to land.
What is difference between immovable and movable property?
Immovable property refers to land and things permanently attached to the land, such as buildings. Movable property, on the other hand, includes items that can be easily moved or transferred from one place to another, like furniture or vehicles.
What is the difference between personal property and intangible property?
Tangible personal property is something you can touch and is movable. Intangible personal property is property that has no physical existence. Examples of intangible personal property are: stocks, bonds, bank notes, trade secrets, patents, copyrights, professional reputation, goodwill and trademarks. Some "untouchable" items may be represented by a certificate or license.
