Tax liability on sale of gifted shares

Hi,

I have a query regarding gifting shares. I have gone through few posts here & Quicko article on this but I have not received a clear picture.

A mother & her son (major) are both separate Zerodha account holders. Mother owns shares in her demat account that she held for more than 10 years. She wants to gift all those shares to her adult son. I have researched that such a transfer will not attract any income tax liability to either of them except for a nominal off-market transfer fee. My query is as follows.

Lets say the son sells the shares within a year of the gift transfer, say, in 6 months.

1. The capital gain would be LTCG since the original purchase date would be considered. Is this correct?
2. The LTCG will be taxable in the hands of the son & Clubbing Provisions of IT Sec 64 (or 60 or 61) would NOT come into play. Is this correct?

Thank you very much.!