Sounds similar?They aren't same!
I own this house.This is my car.That book belongs to me.That music set is mine.
I have a story to make a movie.I have an idea to paint down.I have a concept to be penned down.
This is some general connotations that we often hear.But which is a physical property and which an Intellectual property often is quite confusing for the common man.
Physical property refers to any tangible thing that we own.Like I bought a TV set from the market, I bought a T-shirt from a shopping mall.
Intellectual Property refers to any idea that has evolved through it intellect that might later take the shape of a physical property but carrying the intellectual property rights.
Whereas on the other hand, suppose you buy an LG tv set or a Chetan Bhagat book or a Banarasi silk saree.We can definitely use them for ourselves but we cannot sell or lend those products for commercial purpose and earn out of the same until the Trademark, Copyright and Geographical Indication of those products expire from those companies, authors, and producers of the same.
We should always remember it is just the owner of the property who has been entitled to use, sell and even can damage his own property whereas the one who is in authenticated possession of the same has only the right to use and not to sell it for commercial purpose or damage it.