Server 2012 + CALs License Clarifications

Dear ALL,
I need some clarifications in licensing to provide the appropriate
solution to my customer.
One of my customer purchased Dell Server with preloaded
Windows Server 2012 OS (Standard Edition) from us(from my company) to replace the
existing server which has windows server 2003.
Now the thing is customer want to transfer/migrate their Server CALs and
Terminal Server CALs of Server 2003 to Server 2012.
But Is that possible to transfer/migration of CALs from server 2003 to 2012?
In case of not possible,
Can I suggest windows server 2003 to install as virtual OS in Hyper-V
to use their existing CAL?
And is there any additional license is required to use server 2003 in
Hyper-V?
Expecting your valuable answer/solution.
Thanks in advance.

I would recommend contacting a Microsoft Licensing specialist to get details about your questions.
Please note that Windows Server 2003 will be not supported soon. So, I would recommend upgrading to a higher OS whenever it is possible.
This posting is provided AS IS with no warranties or guarantees , and confers no rights.
Ahmed MALEK
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    (Please take a moment to "Vote as Helpful" and/or "Mark as Answer", where applicable.
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    https://social.technet.microsoft.com/Forums/windowsserver/en-US/6046ded1-96bf-4d79-89ce-38aac2a6694e/can-we-use-windows-server-2012-rds-cal-license-in-rds-2008-r2-server?forum=winserverTS
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