Sale of Family Settlement Property within 6 months - Short Term or Long Term Capital Gains

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  1. Rikin7

    Rikin7 New Member

    Hi,

    Mr. A purchased a property in 1980 and dies in 2000. His legal heirs are B, C and D. In June 2015, B & C settle their total share (2/3rd) in property to D out of love & affection.

    Now, if D sells this property in 2016, is it Short Term Capital Gains (since 2/3rd was settled without money in 2015) or Long Term Capital Gains (Since the actual purchaser was his father in 1980)

    More info - No WILL was present, direct legal heir certificate was taken

    Regards,
    Rikin
     
  2. INVESTURU

    INVESTURU Member

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