New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    How must the transfer of tangible immovable property

    valued at one hundred rupees or more, or intangible property, be made?
    A By an oral agreement Correct Answer Incorrect Answer
    B By a notarized document Correct Answer Incorrect Answer
    C Only by a registered instrument Correct Answer Incorrect Answer
    D By mutual understanding Correct Answer Incorrect Answer
    E Through verbal consent witnessed Correct Answer Incorrect Answer

    Solution

    Section 54. “Sale” defined.—“Sale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised. Sale how made.—Such transfer, in the case of tangible immoveable property of the value of one hundred rupees and upwards, or in the case of a reversion or other intangible thing, can be made only by a registered instrument.

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