[aaykarbhavan] Query regarding Capital Gain relating to Exchange of Property

My client WAS a promoter of a Pvt ltd. Co. and was holding 75% share( 2lac share) , fair market value is Rs.100/- per share  and Face value Rs.10/-per share , This year he transferred 1.80 lac   share to Mr. X. , fair market  value of which is 1.80 cr. But  Mr.X gave him land , registered value of the land  is 2 crore. , no transaction of cash taken place ,--Now my question is --------

(1)     Can this transfer be considered as EXCHANGE for capital gain tax ? If so what will be the cost of acquisition and Value of  sale consideration  ?

(2)    If it can not be considered as EXCHANGE then What will be the cost of acquisition and Value of sale consideration  ?

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