Upgrad LLM

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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Advocate

The amount of gift is not taxable in future.

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

 
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Advocate

The gains are taxable.

 
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