MR.X AND MR.Y ARE BROTHERS HAS HOUSE PROPERTY AT ANNA NAGAR AND VELACHERY RESPECTIVELY BOTH WANTS TO SWAP THEIR HOUSE PROPERTIES WITHOUT ANY MONEY CONSIDERATION. WILL THIS ATTRACT CAPITAL GAIN. PLEASE ADVICE
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Capital gain on swapping house property between brothers
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If the transactions is entered into as gift than there will be no tax implications. But gift deed will have to be executed as it is must in case of immovable property. Otherwise transaction will be mutual exchange liable to be taxed as transfer u/s 47.
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