please help me on this issue
An assessee has obtained a flat from her mother which was originally transferred from assessee's father.
The mother had made a will (unregistered) which stated that the property once gets transferred to the assesse has to be shared with the assessee children in some specified ratio.
The issue are:
1. Whether the Capital Gain is taxable in the hands of Children or the assessee it self?
2. if the father had acquired the property prior to 1.04.1981 and subsequently transferred by will after 01.04.1981. Mother dies in 2008, whether it is long term or short term Capital Gain as on the transfer date n the hands of assessee?
3. any case law for the above issue?
Thank you
CAclubindia
