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Tax applicable on exchange properties

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(Querist)
14 July 2021 Sir,
Two it assess brothers
1st person house property exchange to 2nd person transferred
2nd person house property exchange to 1st person transferred
Question:
1.Two assess exchange of properties capital gains tax applicable in it act
2 above transactions treated in both assess books.
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CA R SEETHARAMAN online

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CA R SEETHARAMAN online (Expert)
14 July 2021 Treat it as gift no capital gains tax payable by both.
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Dhirajlal Rambhia online

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Dhirajlal Rambhia online (Expert)
01 November 2021 Even in case of exchange, both properties being residential property, deduction u/s. 54 can be availed, if long term holding.
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