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Capital gain

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(Querist)
07 September 2019 Dear Sir,

On 22 August 2019 my self and my friend did exchange of property through registered exchange deed.
In that exchange deed i was transferred my 40 R agriculture land (costing of Rs. 1800000/-) in the name of my friend and my friend transferred his 80 R agriculture land (costing 7900000/-) on my name.
I want to know that is Capital Gain is applicable in above transaction? and If yes how much is the Capital Gain.
I am salaried person with annual salary of Rs. 2000000/- and my friend is farmer.
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CA Ankit R Momaya

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CA Ankit R Momaya (Expert)
07 September 2019 If Both the properties transferred are Agricultural Land, capital gains will not arise. please note Agricultural Land has to be reckoned as per Income Tax Act and as per general understanding
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
27 September 2021 Though I agree with CA Ankit on capital gains ground; but ITO may raise objection u/s. 56(2) of IT act, as first party has received around Rs. 61 lakhs from his friend as gift.......
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