hello everyone,
In 2009 i bought plot for nine lakh in my hometown.
Recently a property dealer has approached me for exchange of my property with another property, the exchange deed will be for forty seven lakh(no payment is involved).
1) is there any tax liability for me?
2) how exchange deed will be shown in my ais?
3) is there anything else you guys can enlighten me with(either from income tax perspective or legal issues with exchange deeds etc.)
thank you
CAclubindia
