I wish to know, what would be the rule for Capital Gain, if the shares purchased by father 5 years ago transfered to son by virtue of a Will and sold with in a month from the date transfer
Whether the capital gain would Short Term or Long Term
4 Replies
CA.HARSHIT KHATRI
(CHARTERED ACCOUNTANT)
(47 Points)
Replied 03 March 2012
In this case, the period of holding of the previous owner i.e. the father shall be taken into consideration. Hence it will be a long term capital gain.
Mini Bhatia
(CA)
(61 Points)
Replied 03 March 2012
In this case there will be Long term capital gain. Period of holding of previous owner i.e father will also be considered
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