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And in this case, using reciprocal links, Google will consider only if the link is pointing back to the exactly same page or just pointing to the domain will work?!
If you mean "work" in the sense of being penalized by exchanging links with a dodgy site, it probably doesn't matter what page of the site you link to.
I suspect that you're a bit unclear on backlinks and recip links, so I'll try to define it, (others chip in if I'm explaining this badly).
A "backlink" is a term for URL's (sites/pages) that link to pages on your site. Because many SE's determine quality/importance of a site by who links to it, backlinks are important to most webmasters.
A "reciprocal link" is when two sites exchange links. The only importance of this is that some SE's will at times see a group of sites that all link to each other in order to increase their position in the serps (search engine results pages), or their Google Page Rank, (PR), as a "link-farm" and will punish the participating sites. Unfortunately, for many websites, reciprocal linking is the only way to get links, (I'll link to you if you link to me).
The upshot of it is that you must be very careful who you link to. There is no advantage to a reciprocal link in itself.