Suggestions are invited from Learned Chartered Accountants and students on the following:
1-Two parties having agricultural land in immediate vicitinity of each other (in Gurgaon) entered into a land exchange deed with mutual consent.
2-No monetary consideration was agreed upon in the deed neither any monetary transaction took place between the parties.
3-However while registartion of the lands with Registrar office, Stamp duty was paid on the applicable circle rate which was shared equally by both the parties.
4-Land exchanged was exactly same i.e both parties transferred say x bigha in favour of each other
5-Both the transferor/transferees had inherited their lands from their ancestors.
Can any one suggest in the light of legal provisions and cour cases whether above transaction attracts capital gain tax
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