Gift tax
This query is : Open
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?
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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