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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 B or C. Correct Answer Incorrect Answer
    E Price paid or promised or partly paid partly promised including payment in kind. Correct Answer Incorrect Answer

    Solution

    As per s. 54 of the TP Act ┬а S. 54. тАЬSaleтАЭ defined.тАФ тАЬSaleтАЭ is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.

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