Long term capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2013 I and my brother's wife have exchanged our plots through registered exchange deed paying proper stamp duty which we purchased 10 years ago. The circle value for stamp purpose is almost same for both plots. are we both liable for Long term capital gain tax?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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02 September 2013 exchange of plots included any transfer of money or not?

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2013 No money was paid to either of us. We exchanged plots only.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 September 2013 If it was not gifted to each other then as per capital gain provisions extinguishment of rights also amounts to transfer and accordingly shall be taxable.

FMV of the assets shall be taken as full value of considrataion.

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