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Flat gift deed to father

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Querist : Anonymous

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Querist : Anonymous (Querist)
26 June 2014 I am located in Bangalore, i bough a flat and want to gift it to my father.
Is it tax free ? if not then how much tax need to paid?
In case I stay in same property then Can I claim HRA benefit to save tax after gift to father?
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
27 June 2014 The gift will be tax free in the hands of your father. Since the property will be in the name of your father you can claim HRA Benifit.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
27 June 2014 but remember that as and when the property is sold, you shall be liable for capital gains.
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Rupesh Jain

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Rupesh Jain (Expert)
27 June 2014 you can gift to your father then no tax will paid by him or your father . and HRA can claim if property tfr in your father name.

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