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Prasun Chandra Das (Banker)     12 June 2012

Tax on gift amount used for home buying

My father is gifting me Rs.4.00 lacs by a/c payee cheque. He is also executing a gift deed for the same. I shall use the money to pay the margin amount for buying a flat (alongwith my own contribution of say Rs.2.00 lacs). If I sell the flat in future and make a gain, how will gains on gift amount of Rs.4.00 lacs be calculated and what will be the tax implication on the gifted amount of Rs.4.00 lacs?


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 3 Replies

A V Vishal

A V Vishal (Advocate)     12 June 2012

The amount of gift is not taxable in future.

Prasun Chandra Das

Prasun Chandra Das (Banker)     12 June 2012

What about the gains from the investment made out of thegift amount received?

A V Vishal

A V Vishal (Advocate)     12 June 2012

The gains are taxable.


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