Sec 2(14) read with Sec 2(47)

To arise capital gain there should be a "transfer of capital asset"
 

so from the point of the person service rendered he has not transfered any capital asset so no question of Cap Gain

where as when company is alloting shares to such person then there is also no transfer of capital asset(allotment not amount to transfer). so no capital gain

hence in my point of you there is no capital gain/loss for both.

caution !!!!!!!!!!!!! it is only with my little knowledge. There may be another wise answer

Where is the question of capital gain in the case of shares issued in exchange for equivalent amount of creditors.

there is no capital question of capital gain

but u must note whether co.y has fulfilled all the requirements regarding issuance of shares...............