Step 1: Understanding theft under IPC.
Section 378 IPC defines theft. It requires dishonest intention to take property out of the possession of any person without that person's consent.
Step 2: Essentials.
Theft requires:
1. Dishonest intention,
2. Movable property,
3. Property must be taken out of another's possession,
4. Without consent,
5. There must be movement (asportation) of property.
Step 3: Conclusion.
Thus, theft requires both mental (intention) and physical (movement) elements.