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?
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Income tax - Land exchanged for Land
Replies (2)
Both will be taxed on the basis of higher FMV, under head Capital Gain.
Dont do such things u will be taxed higer in such case transfer of property without adequate consideration
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