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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   S. 54. “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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