In medieval India, Iqta was a system of revenue assignment. Option 1, "hereditary assignment," suggests that the Iqta was passed down through generations, but this is not correct. While some Iqtas may have been hereditary, not all of them were. Option 2, "the personal property of the nodels," is incorrect. Nodels were not related to the Iqta system and did not have any ownership over it. Option 4, "Jagir seized by the State after the death of the holder," is also incorrect. Jagir refers to a different land revenue system in medieval India and is not directly related to Iqta.

The correct answer is option 3, "generally transferable revenue assignment." This option accurately describes Iqta as a system in which revenue assignments could be transferred from one person to another. It means that the Iqta holder could assign the revenue to someone else, typically in exchange for military service. However, it is important to note that not all Iqta assignments were transferable. Some Iqta assignments were personal and not transferable.