Tax liability after exchange of real estate
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 March 2013
My father and my uncle had some combined real estate.
They distributed it among themselves by transferring the real estate/properties in each other's name. This was done as registered agreements of exchange and was prepared by our lawyer. The agreement was not a sale deed and hence there was no purchaser or seller on the registered agreement. However, both my father and uncle paid the the registration and stamp duty according to government valuations.
There is no money involved in whole exchange of properties.
My question is: Would this exchange be considered as actual sale and become liable for capital gain tax?
Our CA has advised us so but we are not very sure.
Request you to advice.
They distributed it among themselves by transferring the real estate/properties in each other's name. This was done as registered agreements of exchange and was prepared by our lawyer. The agreement was not a sale deed and hence there was no purchaser or seller on the registered agreement. However, both my father and uncle paid the the registration and stamp duty according to government valuations.
There is no money involved in whole exchange of properties.
My question is: Would this exchange be considered as actual sale and become liable for capital gain tax?
Our CA has advised us so but we are not very sure.
Request you to advice.
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2013
Any ideas?
15 August 2023
Yes, it will be sell liable to capital gains, but only if it was exchanged between two parties; not if they distributed/shared it.
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