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Taxabiltiy on immovable property
my client having residential land, exchanging for shares/bonds in company, please let me know weather it is taxable under income from capital gains
Replies (2)
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..............!
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