Prasun Chandra Das (Banker) 12 June 2012

Tax on gift amount used for home buying

My father is gifting me Rs.4.00 lacs by a/c payee cheque. He is also executing a gift deed for the same. I shall use the money to pay the margin amount for buying a flat (alongwith my own contribution of say Rs.2.00 lacs). If I sell the flat in future and make a gain, how will gains on gift amount of Rs.4.00 lacs be calculated and what will be the tax implication on the gifted amount of Rs.4.00 lacs?