Topic: Section 118. “Exchange” defined
When two persons mutually transfer the ownership of one thing for the ownership of another, neither thing or both things being money only, the transaction is called an “exchange”.
A transfer of property in completion of an exchange can be made only in manner provided for the transfer of such property by sale.
Exchange of ownership
Plot over which ownership and possession vested in 'R' was wrongly recorded in the name of 'G' in Land Survey entries. Document executed between parties acknowledging factum of possession of their correct plot numbers. There was no exchange of ownership or transfer of property. Said document would be construed as acknowledgement of possession and not as exchange. It would be admissible without being registered; Md. Uddin @ Mohammadin v. Asibun Nissa, AIR 2005 Jhar 1.