In the case of gifted property the previous owner owned his property 10 years ago and transferd to x as a gift.Mr X after received gift from owner was sold with in 3 years whether it amounts to long term capital gain or short term capital gain. I mean the period of 3 years was from the date of transfer to the x or from the purchase date of previous owner. please clarify any sections or cse law if any.
early reply appreciated.
Thanking you
awaiting reply
CAclubindia
