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'Transfer' under Section 2(47) does NOT include:

ASale
BGift to family in specified cases
CExchange
DRelinquishment (per relevant Section)
Answer & Solution
Correct answer: B. Gift to family in specified cases
1. Section 2(47) defines transfer broadly: sale, exchange, relinquishment, extinguishment, etc. 2. Section 47 lists transactions NOT regarded as transfer — gifts/inheritance, partition of HUF, transfer holding-subsidiary, etc. 3. Gifts to immediate family fall under Section 47 exclusions. _Source: ICAI BoS CA Final Paper 7, Ch 4 "Capital Gains"_
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