Capital gain

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Ramanath ganesh . S (Querist)
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08 February 2016 Sir one of my friend has sold a property recently ,which he has received through gift . in the gift deed no value specified . can we take the guideline value on the date of gift . this comes under short term capital gain .please advise ganesh

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 February 2016 1. In case of capital asset received as a gift, the cost of acquisition shall be the cost for which the previous owner acquired it.
2. Similarly the period of holding of the previous owner shall also be considered for calculating the period for which the transferor has held the capital asset.

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