Law
(Guest)
10 Replies
Syed Farzan
(CA IPCC)
(748 Points)
Replied 28 April 2011
LAND and BUILDINGs comes uder goods because they constitute property which is movable.
I am not sure about SERVICEs but I think services can also be considered as a good...
Please correct , if my answer or the xplaination is wrong, because no one tought me about this . I just read it and understood it in my own sense..
Ashish Jain
(.Net Developer)
(641 Points)
Replied 28 April 2011
"goods" includes all chattels personal other than things in action and money and includes emblements, industrial growing crops and things attached to or forming part of the land that are agreed to be severed before sale or under the contract of sale.
mridul savio Pinto
(articled trainee )
(1477 Points)
Replied 28 April 2011
how is the property movable ?? it is a fixed assest ...
mridul savio Pinto
(articled trainee )
(1477 Points)
Replied 28 April 2011
ACT SAYS FORMING PART OF LAND IS A GOODS : BUT THE QUESTION OF FACT WHETHER THE LAND IS COVERED UNDER GOODS ?
mridul savio Pinto
(articled trainee )
(1477 Points)
Replied 28 April 2011
WHAT YES ASHISH ? COMMON ELABORATE
himanshu
(student)
(95 Points)
Replied 28 April 2011
Goods” means every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale
in your question land n building are not considered as goods because they are immovable property and hence not covered under this act
and services are also not covered because according to defination those things which are movable n foerm part of land or can be severed from land. though they are movablr but they donot form part of land or are severed
Ashish Jain
(.Net Developer)
(641 Points)
Replied 28 April 2011
| Originally posted by : himanshu | ||
 |
Goods” means every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale in your question land n building are not considered as goods because they are immovable property and hence not covered under this act and services are also not covered because according to defination those things which are movable n foerm part of land or can be severed from land. though they are movablr but they donot form part of land or are severed |
 |
i am same............
but i doubt about services.
Anand Teertha.G
(CA)
(60 Points)
Replied 28 April 2011
As the defination says that the property must be movable i don't think land n building r included coz they r immovable properties.... I think services too r not included coz the defination is exhaustive....
Plz correct me if i'm wrong....
CA.Naveen Kailkhuri
(CA)
(38 Points)
Replied 28 April 2011
As far as the Sale of Goods Act 1930 is concerned, the Land / Building / Services are not treated as GOODS.
("goods" means every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.)
However, the Real Estate Companies treat the Land / Buildings (Development Costs) as the Stock (Trading Stocks for the purpose of Recognising Revenue) but for the purpose of the companies law, the above are not treated as GOODS.
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