Quote Quoting Mr. Knowitall
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The concept of a H1B transfer is a misnomer, as each prospective new employer is actually filing independently for a H1B visa. The difference between their doing so when you're out of the U.S. and when you're in the U.S. is that, if you're already in H1B status within the U.S., you can start to work for the new employer while its petition is pending. If you're not in the U.S., your petition must be approved before you can enter to work for the new employer. Your remaining period of eligibility is not affected by where you are when an employer petitions for a H1B visa. If you are outside of the U.S. for more than a year and your employer wants to apply for a new six year period, then you would again have to qualify under the cap.

If a third, prospective employer wants to file a H1b petition on your behalf, and they do so before any rejection of the pending petition from your second employer, they can use the aggregated documentation of your employment at the first employer (the one that revoked its petition) and the second (where the H1B remains pending, subject to the RFE) to show that you have not gone out of status. If your pending petition is denied before they submit their petition, you will no longer be in H1B status and thus could not 'transfer' your H1B from within the United States.
Thanks a lot for your response. Appreciate it!