Explanation:

- Property which is not in existence means something that does not currently exist or is not yet owned.

- Legally, you generally cannot transfer ownership of such property because you cannot give away what you do not possess.

- For example, you can’t sell the future fruits from a tree you do not yet own.

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Option 1: No – This means such property cannot be transferred.

Option 2: Yes – This would mean you can transfer non-existent property, which is typically not allowed.

Option 3: Both 1 & – This is not a valid or clear choice.

Option 4: None – This means none of the above statements are correct, but option 1 is correct.