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gift

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08 February 2011 in case of gift.whether period of holding of previous owner is to be included or not u/s 56.e.g.i received a gift in fy 10-11 of house (stamp value 10 lac) from my friend which was originally purchased by him 5yr back of rs.1lac,if i sell property of rs.15 lac in the same yr.what is my period of holding?

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09 February 2011 In case of gift, period of holding of previous owner will also be considered for capital gain purpose.

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