As we know, the box-model does not include the margins into the width of the div. So the margins bleed outside the div.
That is the reason, you can not replace padding:15px with margin. Bootstrap by default uses the following box-model css property.
box-sizing: border-box;
But still if you want to have space between 2 boxes then there is a method.
wrapping the child div with a col-xs-12 and adding the background color to it.
.a {
background-color: yellow;
}
.b {
background-color: red;
}
.c {
background-color: green;
}
<div class="row">
<div class="col-xs-12 a">
<div class="col-xs-6 ">
<div class="col-xs-12 b">
Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World
</div></div>
<div class="col-xs-6 ">
<div class="col-xs-12 c">
Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World Hello World
</div></div>
</div>
</div>
Check my JSFIDDLE link to understand it clearly.