Gift given by father to son

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Anandana (Querist)
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10 June 2013 If a father gives 20lac as a gift to son and then the son invests that in a house, who is taxable in this case and what is the tax rate?

Thanks a lot

Rupesh Jain

Rupesh Jain (Expert)
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12 June 2013 make proper gift deed
then income taxable in hand of son

as individual

Anandana

Anandana (Querist)
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12 June 2013 Gift deed should mention that this is a gift to son? What is rate of income tax? So if i add the fathers name in the house bought then there will be no tax payable by the son?

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