Case of Exchange of property
Residential Flat exchanged against Plots, purchase value of Flats Rs 15 Lakhs & Govt. value of plots is Rs 4-5 Lakh. Stamp Duty paid on Rs 15 Lakh. Residential Flat given within 24 months of purchase i.e. short term capital gain. Que Treatment in Income Tax.
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Exchange of Property
Replies (2)
Gain from residential flat will be your STCG as it's within 24 months and it's taxable.
Residential Flat
cost of acquisition 15 lakh
Market Value as per Ready recknoner (on date of sale) 15 Lakh
Plots
ready reckoner (on date of purchase) 4.5 Lakh
what will be the value of sale consideration to be considered ???
cost of acquisition 15 lakh
Market Value as per Ready recknoner (on date of sale) 15 Lakh
Plots
ready reckoner (on date of purchase) 4.5 Lakh
what will be the value of sale consideration to be considered ???
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