Gift of property by son to father

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A son, who received funds from his father to purchase a residential flat and was meant to repay it in instalments, is now proposing to gift the flat back to his father via a gift deed. The query concerns whether this gift of property from son to father would be subject to income tax in the father's hands. The response clarifies that, according to Section 56(2) of the Income Tax Act, such a transfer is tax-free.

sanwara agrawal

sanwara agrawal (Querist)
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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.