Capital gains
This query is : Resolved
vinay simha
(Querist)
18 April 2013
Mr. A is having a property worth 1cr in Bangalore. MR. B is having a property worth 1cr in chennai. A AND B are friends and they transfer their property to each other. I e A's property to B andB's property to A through a transfer deed only. No consideration was paid since both property worth the same.
Does any of these need to pay capital gain.?
Thank you.
Does any of these need to pay capital gain.?
Thank you.
CA PARAS BAFNA
(Expert)
19 April 2013
This is a matter of "exchange", which is treated as transfer.
.
Each of them has to consider the cost price, period of holding and fair market value/ sales consideration for the purpose of capital gains, and has to show in their respective returns.
.
Each of them has to consider the cost price, period of holding and fair market value/ sales consideration for the purpose of capital gains, and has to show in their respective returns.
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