Explanation:

- The Transfer of Property Act governs the transfer of legal rights from one person to another regarding immovable properties like land and buildings.

- Option 1: *Air* - It usually does not pertain to rights or properties transferrable under the act.

- Option 2: *Water* - Natural resources like water are not typically included in this act, except when part of land rights.

- Option 3: *Light* - Access to light can be a property right but is more relevant under easement laws, not the Transfer of Property Act.

- Option 4: All of these – None of these options typically form part of the main focus of the Transfer of Property Act.

Correct Answer: Option 4 - All of these