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Under the Transfer of Property Act, 1882, a transfer of property in completion of an exchange can be…

Section 118 provides that completing an exchange transfers each property in the manner prescribed for its sale. Exchange substitutes reciprocal ownership transfers for the…

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Under the Transfer of Property Act, 1882, a transfer of property in completion of an exchange can be made only in the manner provided for the transfer of such property:

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Section 118 provides that completing an exchange transfers each property in the manner prescribed for its sale. Exchange substitutes reciprocal ownership transfers for the money-price bargain of an ordinary sale, but does not substitute gift, mortgage or lease formalities.

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