Ownership involves the absolute rights and legitimate claim to an object. It means to own the object by the owner. Possession is more the physical control of an object. The possessor has a better claim to the title of the object than anyone, except the owner himself.

Possession in law recognises a person’s right to possess an object even though he is not physically in possession of it. On the other hand, ownership is exclusively a legal concept. Apart from this, possession is a factual concept, whereas ownership is a strictly legal concept.

Ownership emphasizes the legal right and title to an asset or property. It signifies an individual's lawful claim to hold, use, and dispose of the item as they see fit. Possession, on the other hand, simply implies having or holding something in one's control. One might possess an item without owning it, as when renting a car.

Ownership is the act, state, or right of owning something. Possession is the act, state, or right of having physical custody and/or controlling something. Right Ownership gives the right to possession. Possession does not give the right to ownership.