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Capital gains

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16 February 2012 if a father transfers his demat account to his unmarried major daughter, will he have to incur capital gains liability on the equity shares so transferred?? The demat account was held by him for less than 12 months.
Pls reply!!
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
16 February 2012 Such transfer shall be treated as gift. Gift is exempt in the hands of the donor u/s 47.

Further, such gift shall be exempt in the hands of the daughter by virtue of the provisions of Section 56(2)(vii).
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