27 April 2013
one of my client has taken exemption U/s 54F later he gifted that property to his sister shall he has to pay Long term capital gain on the gifted property
27 April 2013
Where the new asset is transferred within a period of three years from the date of its purchase or, as the case may be, its construction, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset shall be deemed to be income chargeable under the head "Capital gains" relating to long-term capital assets of the previous year in which such new asset is transferred
and you may know this that transfer's definition includes gift
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