Gift of property by son to father
This query is : Resolved
09 March 2025
I gave some lacs of rupees to my son through bank transfer for purchase of a residential flat some years ago with the condition that he will return money in instalments without interest. He is not returning money but now ready to transfer that flat to me as a gift deed. Whether this transfer of flat as gift from son to father will be taxable under income tax act in the hands of father.
09 March 2025
No. It will be tax free as per sec. 56(2) IT act.
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