What amounts to theft
A person is said to commit theft who:
intends to take dishonestly,
any moveable property,
out of the possession of any person,
without the consent of that person,
and moves it in order to accomplish the taking of it.
C, finds a ring belonging to Z on a table in the house which Z occupies. Here the ring is in Z's possession, and if C dishonestly removes, C commits theft.
C, finds a ring lying on the high-road, not in possession of any person. C by taking it commits no theft, though he commits criminal misappropriation of property.
Whoever commits theft shall be punishable with an imprisonment which may extend to three years, or fine, or with both. Where the theft is committed after preparation, or causing death, hurt or restraint, then it is punishable with rigorous imprisonment which may extend to ten years, and shall also be liable to fine.