Adv.Ambrose leo Associates & Legal Consultant
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As per provisions contains in Section 118 of Transfer of Property Act, when two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both the things being money only, such a transaction is called an exchange. This definition is not restricted to immovable property only.
Thus, exchange implies, when two separate property owners mutually agree to transfer the ownership rights by exchanging the property. Further, exchange also means exchange of lands and barter of goods too.
If one of the items that has been transferred in money, then it is not an exchange but sale, because sale should always be for a price. But money in one form can be exchanged for money in another.
In case of exchange, the transfer of ownership of one thing is not the price paid or promised to pay, but something else in lieu. For example: if a person transfers a land valued Rs.20,00,000/- to another and in return, the other person transfers a shop valued Rs.18,00,000/- and pay Rs.2,00,000/- in cash, it is an exchange.
This type of exchange transactions can be reduced into writing in the form of Property Exchange Deed. This Exchange Deed document for transfer of property rights need to be registered with the jurisdictional sub Registrar’s Office by paying prescribed stamp duty. While drafting the exchange deed and its registration including the document execution, its presentation and admission utmost care need to be taken, since this is a complex process.
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Name : Ambrose
Law Firm Name : Adv.Ambrose leo Associates & Legal Consultant
Country : Andorra
Practicing Since: 2010
About Your Firm : Established in 2010. Offices at maharashtra and Karnataka, Practicing in Nagpur,Mumbai Maharashtra,Bangalore Karnataka High Courts. Professional & Expert in Employment and Service Matters,Central Government Courts under Ministry of Labour & Employments. Up to High Courts, Central Administrative Tribunals, Property & Civil & Criminal cases Connected,Company Law Matters Registrar of Companies Under Ministry of Corporate Affairs Under Union Of India.Consumer Forums,Co-operative courts etc.
| Sr Employee Associated | Sr Employee Enrollment/Reg.No | Sr Employee Enrollment/Reg.State |
|---|---|---|
| adv.Ambrose leo | MAH 7749/2010 | Bar Council Of Maharashtra & Goa |
| Jr Employee Associated | Jr Employee Enrollment/Reg.No | Jr Employee Enrollment/Reg.State |
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