Exchange of properties capital gain tax implications

Income Tax Income from Capital Gains
1

Sir/madam,
It assessess (Mr.A ) own residential property Gift to brother (Mr.X)after another date Mr.A Gift received from brother (Mr .X) own vacant site .
Question:
Above Gift transaction capital gain tax implications of it act.

2

There won’t be any Capital Gain Tax at the time of Gift.

Capital Gain Tax will be levied at the time of sale of such property .

Cost of acquisition and period of holding of original buyer of property will be considered for the purpose of calculating Capital Gain.

3

An exchange of properties may be subject to capital gains tax depending on whether the transaction qualifies for tax deferral under Section 1031 of the Internal Revenue Code (for U.S. taxpayers). Capital gain taxes may be deferred until the new property is sold if the properties are exchanged for like-kind properties.