Short or long term capital gain

My father purchased property in 1980
After his demise on 1991 myself (daughter) and my mother inherited property 
By 2015 my mother settled her share of 50% through settlement deed to me
On the same year I sold out the property

I will landup in short term or long term capital?
Since my mother gave me her 50% share through settlement deed without any consideration.
Asked 1 year ago in Capital Gains Tax from Chennai, Tamil Nadu
Dear Sir,

It will be a long term capital gain.

Please feel free to call/revert in case of any doubts

Thanks and Regards
Abhishek Dugar
CA, CS, B.Com
Caabhishekdugar@gmail.com

Abhishek Dugar
CA, Mumbai
1874 Answers
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Long term with date of acquisition 1980 
Anuj Agarwal
CA, Aligarh
43 Answers
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The gain will be long term capital gains.
Shyam Sunder Modani
CA, Hyderabad
1373 Answers
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Dear Sir,

No it will not be a Short Term Capital gain but will be a Long Term Capital gain and the date of acquisition shall be 1980.

You can also very well claim Indexation on the whole property value.

Trust this clarifies your query. 

Feel free to call back/ get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP. 
Rohit R Sharma
CA, Mumbai
1680 Answers
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