Taxabiltiy on immovable property

Section 2(47) in The Income- Tax Act, 

"transfer", in relation to a capital asset, includes,-

(i) the sale, exchange or relinquishment of the asset; or

(ii) the extinguishment of any rights therein; or

(iii) the compulsory acquisition thereof under any law; or

(iv) in a case where the asset is converted by the owner thereof into, or is treated by him as, stock- in- trade of a business carried on by him, such conversion or treatment;] 6  and So on......

As per Point (i) of the above defination, Exchange also treated as transfer and Capital gain will arise if those are capital assets to him.

thx..............!