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Gift tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 September 2014 Mr. A and Mr. B are brothers. Both have a Property. Both exchange the properties with each other. The difference in valuation of above properties exchanged with each other comes to Rs. 1 Crore.(Mr. A's property was of rs. 25,00,000 and Mr. B's Property is of Rs. 1,25,00,000 )
What can be the tax implication and how can it be saved under various options?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
09 September 2014 if both gifts to each other then there is no tax payable as per section 56(2)
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 September 2014 Thank you. so there will be no attraction of capital gain taxation? plz explain.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
09 September 2014 the ans is no as there is no transfer as per sec 2(47)
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 September 2014 Thank you for your kind help.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
09 September 2014 you are welcome friend

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