A family arrangement memorandum has been drawn up. A house, an immovable property has been divided among four brothers. The shares are A, B, C and D among the brothers M, N, O and P.

N’s share of A is greater than that of M’s share of B. He pays Rs.60000/ to offset the excess share he has received.

Similarly P whose share D is greater than that of O’s share C pays Rs.30000/ to offset his excess share.

Does this amount to a sale/ transfer attracting Transfer of Property Act /Registration Act as the family arrangement does not require registration?