Tax on money given by Father

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

asked Jan 01 '13 at 21:36 by ashvin28 5247

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.

answered Jan 01 '13 at 22:11 by Pankaj Batra 5.2k320


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Asked: Jan 01 '13 at 21:36

Seen: 1,593 times

Last updated: Jan 01 '13 at 22:11