A's land FMV and cost is Rs.5000. B's land cost and FMV is Rs. 10000. A and B exchanged their lands. How is the tax computed for A in India? is it considered as gift or capital gain? will the treatment change if cost and FMV are different?
A's land FMV and cost is Rs.5000. B's land cost and FMV is Rs. 10000. A and B exchanged their lands. How is the tax computed for A in India? is it considered as gift or capital gain? will the treatment change if cost and FMV are different?
Both will be taxed on the basis of higher FMV, under head Capital Gain.
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