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    Question

    Sale is transfer of ownership in exchange of_____. 

    A Price paid Correct Answer Incorrect Answer
    B Price paid or promised. Correct Answer Incorrect Answer
    C Price part paid and part promised Correct Answer Incorrect Answer
    D Either b or c Correct Answer Incorrect Answer

    Solution

    As per section 54 of the TP Act “Sale” defined— “Sale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.

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