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Raj   30 January 2017

Query about money recieved as gift from parents

Dear Sir,

Excuse me for my ignorance for basic info about the mentioned subject. I have query about money I am going to recieve from my father after the sale of a house which is in his name.

We are two brothers and my father is a senior citizen. What I understood is that money recieved as gift in not taxable under IT section 54.But I need more clarity regarding this like -

- Do I need to reinvest the money recived as capital gain?

- Or I can use it for any purpose?

Btw the house is ownded by my father for more then 7 years.

TIA

Raj



Learning

 1 Replies


(Guest)
Originally posted by : Raj
Dear Sir,

Excuse me for my ignorance for basic info about the mentioned subject. I have query about money I am going to recieve from my father after the sale of a house which is in his name.

We are two brothers and my father is a senior citizen. What I understood is that money recieved as gift in not taxable under IT section 54.But I need more clarity regarding this like -

- Do I need to reinvest the money recived as capital gain?

- Or I can use it for any purpose?

Btw the house is ownded by my father for more then 7 years.

TIA

Raj

Contact a auditor locally.  All the best.  Take care.


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