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Capital gains

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(Querist)
07 October 2010 My father has gifted his flat to me and the same is duly registered as gift deed two weeks ago.

I have planned to purchase a bigger apartment in the same locality.

Will i be subject to short term capital gain tax?

Please advise.

best regards,

Vishwas
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CA. Aryendra

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CA. Aryendra (Expert)
07 October 2010 No please refger sec 49 clause 2 of income tax act your period of holding will be including the period of your father.

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