Jag Mohan (Retired Finance Professional) (59 Points)
20 February 2025A holds a plot gifted in 2024 by her brother B who bought it in 2005.
A is now considering to gift it to her Son S.
I know that for long term capital gains, the holding period would reckon from 2005 but is there any ruling (citation kindly share) that A must hold the plot for 2 years before gifting to S for S to avail LTCG benefit?
Also if S sells it before 2 years , can he claim LTCG?
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(6486 Points)
Replied 20 February 2025
Jag Mohan
(Retired Finance Professional)
(59 Points)
Replied 20 February 2025
Thank you for your opinion.
However if the date of acquition for S be deemed as 2005 then why would he be liable to short term capital gains if he sells before 2 years?
CAclubindia
