April 21, 2014 2:11 pm
I will be shortly buying a flat for myself in my and my wife’s name. My father has recently sold some agricultural land. Can he pay from this income for my flat?
Dear HJKhan, gifting from father to Son is tax free. No Tax on you.
Dear HJkhan, yes your father shouls gift the money to you and you can then buy from that money.
Thanks, but have a few clarifications.
1. Would the gifting of the money mean it would be added to my income and I have to pay tax?
2. Will the gift deed also attract some tax?
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