Choose the most correct legal definition of property: Question 4 options: a) The legal definition of property is taken from s21 of the Conveyancers Act 2006. b) For income tax purposes it is restricted to properties which can be used to generate assessable income at some future point of time. This would include your primary residence as it could be rented one day. c) It is a description of a legal relationship with a thing. It refers to a degree of power that is recognised in law as power permissibly exercised over the thing. The concept of ‘property’ may be elusive. Usually it is treated as a ‘bundle of rights’. This includes, but is not limited to, real property.