Shares recd as gift-capital gain

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Alay (Querist)
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11 June 2014 Sir,
Plz. Reply me. I have received shares(listed on stock exchange) by way of nomination in FY-13-14. And the same was Sold by me in this year only i.e. in FY-13-14.

I want to further clarify that shares which I have received by nomination is from my relative as well as those shares were acquired by my relative for more than 5 years.

How should I reflect it in my Income Tax Return & is it taxable in my hand as capital gain ?
Thank you in advance.

Nitin Bhuta

Nitin Bhuta (Expert)
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14 June 2014 Capital gain won't be taxable in your hands as period of holding shall be reckoned from date of acquisition by the previous year which is more than 5 years.

Please note that gift from relative is exempt from levy of income tax if relative fits within the definition of relative as provided under Income Tax Act 1961.

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