As per definitions given in AS-18 (Related Party Disclosures):-

Related Party – parties are considered to be related if at any
time during the reporting period one party has the ability to
control the other party or exercise significant influence over the
other party in making financial and/or operating decisions.

Related Party Transaction – a transfer of resources or obligations
between related parties, regardless of whether or not a price is
charged.

A business deal between two related parties. For example, a business transaction between a major shareholder and the corporation, such as a contract for the shareholder’s company to perform renovations to the corporation’s offices, would be deemed a related-party transaction.