Dear all ,
Where the immovable asset acqiured by way of exchange for another immovable asset without cosideration.
Details:
1. Owner X having Agriculture land - Outside muncipal area with Fair market shown in exchange deed for registered is rs.500000 where as stamp duty valation is rs 350000.
2. Owner Y having Agriculture land - within muncipal area with Fair market shown in exchange deed for registered is rs.525000 where as stamp duty valation is rs 2500000.
Where the X and Y were acquired immovable asset by way of exchange deed for another immovable asset without cosideration i.e. Rs. 1 only and X paid stamp duty on STAMP DUTY valuation i.e. on Rs 2500000.
If the X sell his property to another in this case what will be cost of acquisition to calculate short or long term capital gain to X.
Thanks,
CAclubindia
