Some ways of passing on an asset are not treated as a transfer under Section 47 — so no capital-gains tax arises: gifts, inheritance/will, HUF partition, and certain company reorganisations.
When the receiver eventually sells, they use the previous owner's cost and holding period (Sec 49(1) & 2(42A)) — so the asset is usually already long-term. This makes a family gift a clean way to move an asset with no immediate tax, and to shift the future gain to a lower-slab member (watch the clubbing rules for spouse/minor).
Gifts from non-relatives above ₹50,000 can be taxable in the receiver's hands under Section 56(2) — gifts within the family are exempt.
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