I am planning to buy a flat. I will be getting the money as gift from my father's brother. He is a taxpayer, and he will be giving me all white money as gift. I found that this money is not taxable under IT act section 56.
I may or may not repay him. So I am getting it as a gift.
But after I buy the flat (fully in my name), will the government look at this as a benami transaction?
Please advice on this.