EXCHANGE OF LAND BETWEEN TWO REAL ESTATE FIRMS IN IMMEDIATE VICINITY WITHOUT ANY MONETARY TRANSACTION. IS IT TAXABLE
3 years ago
EXCHANGE OF EQUAL LANDS IN IMMEDIATE VICINITY BETWEEN TWO REAL ESTATE FIRMS WITHOUT ANY MONETARY CONSIDERATION BY REGISTERED DEED. IS IT TAXABLE IN INCOME TAX. SINCE NO MONEY TRANSACTION IS INVOLVED AND SIMPLE EXCHANGE OF LANDS IN SAME VILLAGE BETWEEN THE TWO FIRMS, THE QUESTION OF TAXABILITY ARISE.
A.Hi,
Yes, it is taxable. Income Tax will have to be paid for the same. Thank you
If you found this helpful, do rate us.
Yes, it is taxable. Income Tax will have to be paid for the same. Thank you
If you found this helpful, do rate us.
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
Yes, it is taxable according to the provisions of Income Tax Act.
Thank You. If you found this helpful, do rate us.
Yes, it is taxable according to the provisions of Income Tax Act.
Thank You. If you found this helpful, do rate us.
Helpful
Helpful
Share
Read Related Answers
Crypto Trades
Dear Client,
The existence of the Double Taxation Avoidance Agreement (DTAA) between India and the United Arab Emirates (UAE) plays an important role in their economic relationship.By eliminating the...
Income Tax threshold for tax free pension
Dear Client,
Income Tax related issues are well addressed by a Chartered Accountant or an Income Tax Practitioner who possesses expertise and in-depth knowledge on the subject, So, you are requested t...
What should I opt Old Regime vs New Regime
Dear sir
You have to consult service advocate or a person who is expert in such subject otherwise you may be mislead.
Exemption on interest education loan
Dear Client,
Under Section 80E of the Income Tax Act, 1961, if an individual has taken an education loan and is repaying the same, then the interest paid on that loan is allowed as a deduction from hi...
Tax query
Dear Client,
Based on the limited facts you have stated, Take an assumption regarding the calculation of income tax in a financial year of your transaction where the amount is X from which 98% of X...
Read Blogs on Tax-Income Tax
Tax-Income Tax Lawyers
Find Lawyers by Location
