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Capital gain after gift of property without consideration

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(Querist)
12 July 2013 A property was purchased in 1991 by one family member who gifted the same to another family member without consideration in 2012. Now, in 2013 the new owner has sold the property.

1) What is the cost for the purpose of capital gains? Will it be cost to previous and indexation benefit will available?

2) What will be the nature, long term or short term?
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
12 July 2013 Cost to prev owner will be taken as cost of acquisition and indexation will be available of the year from the asset held by prev owner .

It will be long term in nature.
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