Permission Description
Read Can read an item.
Check Out Can check out an item.
Check In Can check in an item.
Label Can label the item.
Lock Can lock an item.
Revise other users' changes User can change the comments, work item associations, or check-in notes associated with a changeset that they did not create.
Unlock other users' changes This user can unlock another user's locked item.
Undo other users' changes Pending changes can be cancelled on an item that another user has checked out.
Administer labels Allows users to label changes and alter labels.
Manipulate security settings Indicates the user has permissions to change the security of the item.
Check in other users' changes Causes items that were checked out by another user to be checked in.

Table 1 More Granular Security
Team Foundation Version Control allows you to set granular permissions on files stored in the repository.