Capital gains sec 54f

According to the sec 54F the asset should not be TRANSFERRED within the prescribed time

But according to sec 47(iii) Transfer of a capital asset under a gift/will is not treated as a tranfer

Preparing a deed would be prefrable

Gift is taxed u/s 56 but since gift to relatives is exempt

There should be no taxation to either parties.

Lets see what other says

agree with Mr Z, though property is transferred it is exempt from tax u/s 56