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Capital gains

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(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.
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CA PARAS BAFNA

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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.
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