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