For tracking and reporting purposes, the stock’s closing price on the day the stock gets transferred is the exit price for the person gifting the stock, and the same price is used as an entry price for the person receiving the gift. The average price is updated within 3 working days after the stocks are transferred. While filing for income tax, a different view can be taken on the acquisition price.
The cost will be shown as 120 for other purpose. But, if the person who gifted the shares comes under the definition of family as per the Income tax act, a different view can be taken on the acquisition price.
Do read this thread for more information on how tax-related interpretation can be done in case of gift given by a family member
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