Which of the following statement (s) is/are correct about the transfer of property?

If the property is tangible and the value of the property is less than 1000/-, irrespective of the value of the property, then transfer has to be made only by delivery. For intangible property, irrespective of the value of the property, transfer has to be made only by registered instrument. Both 1 and 2 None of the above.

For intangible property, irrespective of the value of the property, transfer has to be made only by registered instrument.

The mode of transfer of property varies according to the value of the property. If the value of the property is more than Rs 100/-, then transfer has to be made only by a registered instrument. If the property is tangible and the value of the property is less than Rs 100/-, irrespective of the value of the property, then transfer has to be made only by delivery; whereas for intangible property, irrespective of the value of the property, transfer has to be made only by registered instrument. (A registered instrument contains the records of the owner of the property- for example: shares, bonds, etc.)