What do you understand by intellectual …

Intellectual property refers to the creations of the human mind, like inventions, literary and artistic works, symbols, names, images and designs used in business. All inventions of creations begin with an 'idea'. Once the idea becomes an actual product, i.e., Intellectual Property, one can apply to the authority concerned under the Government of India for protection. Legal rights conferred on such products are called 'Intellectual Property Rights' (IPR). Hence Intellectual property refers to products of the human mind, hence, just like other types of property, the owners of IP can rent, give or sell it to other people.
The following types of Intellectual Property Rights are recognized in India: Copyright, Trademark, Geographical Indication, Patent, Design, Plant Variety, Semiconductor Integrated Circuit Layout Design. In addition to this, traditional knowledge also falls under IP.