Gift Deed

praveen (Querist) 28 November 2009 This query is : Resolved
Hi

Pl. tell me how much amount I can get as GIFT from my father with no INCOME TAX LIABILITIES.

Also tell me the safe side of getting appx. Rs 1900000(nineteen lacs only) from my father.We are two brothers.

My father is gifting me Rs nineteen lacs after selling a plot worth Rs five lacs as per CIRCULAR RATES in DELHI.

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prakash vathore (Expert) 28 November 2009
hi praveen if u want gift property then u must have to accept the liability on that property such as incometax,loan ect. it depends on the transaction whether that transaction involve the black money or white.

A V Vishal (Expert) 28 November 2009
You are not liable to any tax on the gift you receive from your father, however as stated by you in the query your father is liable to pay capital gain tax on the sale proceeds received. Further, there is no restriction on the amount gifted provided it is from legal sources.