Assertion: Movable property is one which can be transferred from one place to another and is governed by the Sale of Goods Act.
Reasoning: Immovable property is governed by the Transfer of Property Act but it is not defined in this Act.
Reasoning: Immovable property is governed by the Transfer of Property Act but it is not defined in this Act.
Answer & explanation
Correct answer: option 2
Property is of two kinds - movable and immovable. Movable property is one which can be transferred from one place to another and is governed by the Sale of Goods Act. Immovable property governed by the Transfer of Property Act is not defined in the Act.