Long term capital gain

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 May 2012 Please state when shares are received in Gift from relative and sold after few year then Indexation cost for Long Term capital Gain of Gifted shares calaculted whether from date of Purchase of Shares by relative or period or date on which gifted Shares received ?.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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28 May 2012 The period of holding of the previous owner,
i.e. the donor, also will be considered.
.
So, You have to take the Date of purchase by the relative into consideration and period of holding will be from such date to the date when you transfer the shares.
.
LTCG on shares will be exempt in case of listed shares.
.

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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28 May 2012 In case of transfer by gift, will, trust, etc indexed cost to be determined with reference to holding by previous owner
cASE LAW- Arun Shungloo Trust vs. CIT (Delhi High Court)

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