What is transfer of property?

‘Transfer of property’ means an act by which a living person conveys property, in present or in future, to one or more other living persons; or to himself and one or more other living persons. ‘Living person’ includes a company or association or body of individuals, whether incorporated or not, but nothing herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, associations or bodies of individuals.