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VAMAN M KINI (Officer)     08 February 2017

Query regarding purchase of property

I had bought a flat for which 9lakh of loan is taken and 7lakh has been transfered from his account to my account through NEFT.(cost of flat 16lakh) As my father's income is already been taxed in his hand and my income is below taxation slab. So if at all IT people questions me. How should I answer on this?? As per my knowledge income tax says amount from parents is not taxable in child's hand and can gift to any extent. So is the statement holds good?? Bank statement holds good for their answer. Kindly guide me.


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 1 Replies

GANDHI MOHAN BHARATI (Pensioner)     17 February 2017

You can answer to IT Department that it is a gift received from father to son.

Advisable to take a letter that he gave it to youu as gift.


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