one of my client had interchanged the capital asset with a person. wil it attract capital gain?. for example: ram & sita re interchanging the capital asset LAND(within municipal limit), the value of ram's land is Rs.25.6lacs and sita's is Rs.25.1lacs. will it attract Capital gain?
09 July 2010
"Transfer" defined u/s 2 (47) which includes transfer for a value. Interchange of capital asset falls under this definition and once a transaction is treated as transfer, the resulting effect will be either Capital Gain or Loss accordingly.
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