Capital gains on gifted shares
I have gifted some equity shares to my father-in-law which were bought by me on various dates 2002 through 2005. Now he wants to sell those shares. I request you to tell me how capital gains are computed in the hands of my father-in-law. a) whether my date of acquisition or the date of gift is treated as his date of acqusition and b) whether my cost is considered as his cost of acquisition or his cost will be deemed to be zero. Thanks in advance.
Asked on 7/28/05, 4:34 am
1 Answer from Attorneys
Nand Kishore
NK Associates
Re: Capital gains on gifted shares
Following are the answers to your query:
a) date of acquisition in respect of the gifted shares shall be the date when you acquired the shares.
b)your cost of acquisition would is considered as his cost of acquisition
Answered on 7/28/05, 5:17 am
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