Gift tax

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Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2014 Mr. A and Mr. B are brothers. Both have immovable properties. They decide to exchange the ir properties/ forego some interest in others favour. Mr. A proper cost Rs. 5 Lakh and Mr. B property Cost at present is Rs. 2 Crore. what will be the tax implication? what sections of the relevant act are attracted?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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06 September 2014 No gift tax implications since both are brothers but exchange of property will give rise to capital gains as the definition of transfer u/s 2(47) includes 'exchange'.

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Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2014 Thank You.Is there any relief or benefit under family separation arrangement or anything such sort of?

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