Dear Sir,
Excuse me for my ignorance for basic info about the mentioned subject. I have query about money I am going to recieve from my father after the sale of a house which is in his name.
We are two brothers and my father is a senior citizen. What I understood is that money recieved as gift in not taxable under IT section 54.But I need more clarity regarding this like -
- Do I need to reinvest the money recived as capital gain?
- Or I can use it for any purpose?
Btw the house is ownded by my father for more then 7 years.
TIA
Raj