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CAPITAL GAIN on Land when land exchange

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(Querist)
27 November 2008 Can Capital gain or Loss arise in case of Transfer of Land (Capital Assets) in exchage of another land?
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Jitender

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Jitender (Expert)
27 November 2008 yes , capital gain will arise.
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Ebrahim

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Ebrahim (Querist)
27 November 2008 HOW?
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Jitender

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Jitender (Expert)
27 November 2008 fmv of asset exchanged will be the sale consideration.
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Ebrahim

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Ebrahim (Querist)
27 November 2008 Here Barter System is adopted - some tax expert in this field are not acceting it.what u say consideration.
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CA Chaitanya

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CA Chaitanya (Expert)
27 November 2008 The definition of transfer u/s 2(47) includes sale , exchange or relinquishment. Hence if you exchange a capital asset it attracts capital gains.
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Ebrahim

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Ebrahim (Querist)
28 November 2008 CAN IT APPLICABLE TO LAND?
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CA Akshat

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CA Akshat (Expert)
28 November 2008 of course man
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