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Gifted property

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 May 2012 If anybody getting property from other family members through Decree and decree year is 2006, further he wants to transferred that property to his brother. After gift deed his brother want to sell the property in same year. What type of capital gain applicable and does he sell the property in same year.Suggest me it's very urgent.

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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
16 May 2012 If gifted property is sold out in the year of gift itself, donor's holding period can be counted to determine whether the gain is long term or short term.
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