Tax on ESOP

Please advise me..

One of my Friend has TM ESOP @ 85 . Now she wants to exercise per ESOP but she has few doubts which I could not answer.

1: I can understand that she will have to pay Fringe Benefit tax @ 30% on (CMP-ESOP Price)
2: My Query is , Will she has to pay capital gain tax as well if she sells shares before keeping 1 year in her DEMAT A/C(say she sell shares 1 month after exercising her ESOP ) ?


Thanks