Tax on money given by Father

ashvin28 5
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Hi Pankaj,

I have purchased residential flat in Ahmedabad. Now I am going to take Rs. 5,00,000 from my father through online bank to bank transfer for payment to builder.

So is this money will be taxable to me?

Thanks, Ashvin D

gift-from-father residential-flat income-tax
1 Answers

No income tax is payable for amount received from your father as a Gift.

In case IT department asks for source and reason for transfer of these funds, just create a gift deed on plain paper showing amount, date, signature of both parties and two witnesses.

Pankaj Batra5212
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