Can my father pay for buying a flat in my name from his income?

POSTED BY hjkhan ON April 21, 2014 2:11 pm COMMENTS (3)

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?

3 replies on this article “Can my father pay for buying a flat in my name from his income?”

  1. ashalanshu says:
    April 22, 2014 at 4:51 pm

    Dear HJKhan, gifting from father to Son is tax free. No Tax on you.

    Thanks

    Ashal

    Reply
  2. ashalanshu says:
    April 22, 2014 at 11:32 am

    Dear HJkhan, yes your father shouls gift the money to you and you can then buy from that money.

    Thanks

    Ashal

    Reply
    1. hjkhan says:
      April 22, 2014 at 4:43 pm

      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?

      Reply

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