18 June 2017
I am planning to purchase a house for approximately 1 CR. My father, aged 85 years, will be giving me a gift of approximately Rs. 10 lakhs by cheque. Please advise if the gift is taxable in my hands and whether there can be any adverse implications for my father from this gift in the event of a scrutiny of my return.
18 June 2017
Hello, The gift since received from your father is not taxable in your hands. In the unlikely event of a scrutiny of your return, there would not be any adverse implications to your father from this gift as 1. Your father is a super senior citizen who in his lifetime would have accumulated certain sum of money, which he is gifting you. 2. The sum gifted, with reference to the total cost of the flat is also not much and the worst that may happen is that the Assessing Officer may ask for a confirmation letter as to whether the gift was given. Your father will not be subjected to scrutiny or be required to attend hearings and given his age the AO would not harass him.
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