Windows 7 Take Ownership & Grant Permissions to Access Files & Folder

If you are windows vista user then you will be knowing the file ownership and permissions related issues and now it is extended to windows 7 too, but Windows XP users experimenting with Windows 7 might not know about this.
Windows 7 has implemented addition security mechanism to prevent accidental or intentional file or folder modification by not allowing users other then owner of file or folder to access it. Hence incase if you need to access, modify or delete such files or folder you need to take ownership first then assign rights or permission to respective users. Here is Guide on How to take Ownership and Grant Permission in Window 7.
Credits: Blogsdna