A mutual transfer of the ownership of one thing for the ownership of another, whether movable or immovable, under the Transfer of Property Act, 1882 is called:

Section 118 of the Transfer of Property Act defines an EXCHANGE: when two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both things being money only, the transaction is an 'exchange'. A transfer of money only is a sale, not an exchange. Section 119 deals with the effect of exchange where the title of one party to the thing received differs materially from what he was entitled to, allowing the innocent party to rescind. Exchange thus differs from a sale (which is always for a price in money) and from a mortgage or lease, which create security or enjoyment rights.