Capital gain on gifted property

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2015 My grandmother bought a piece of land in 1998. She expired i in 2014 and my mother inherited it through the the will in 2014. Then she gifted me (her son) in 2015. Can i sell the land and avail of ltcg or will it be a short term gain ?

Thanks

Amol S Joglekar

Amol S Joglekar (Expert)
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12 October 2015 sec 49(1) :Where the capital asset became the property of the assessee—

(i) on any distribution of assets on the total or partial partition of a Hindu undivided family;

(ii) under a gift or will;

(iii) (a) by succession, inheritance or devolution, or

so? Cost to previous owner as ell as period of holding to previous owner

yours is Long Term Capital Gain

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