Section 48 : Disposal of property and liability through division

If the rights related to any property owned by or the burdens related to any liability borne by any person devolve on any other person also by way of lease of any property or any part thereof, the following provisions shall apply:-

(a) Where the rights or burdens are permanent, that first person shall be deemed to have disposed of any part of that property or liability but not to have acquired any new property or liability, and

(b) Where the rights or burdens are temporary or contingent, that first person shall be deemed not to have disposed of any part of that property or liability.

Provided that such person shall be deemed to have acquired a new property or assumed a new liability, as the case may be.