Property from father

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PANKAJ PATIL (Querist)
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31 December 2012 I am supposed to get 15 plots from my father as my share in the property. I am a salaried person with an annual income of Rs. 300000/-
So incase to get all these 15 plots transfered to my name I need to purchase them from my father with an agreement value of Rs. 1500000/- approx.
If I do this purchase whaat will be the Income tax implication on me and can i avail any kind of exemption in this case?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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31 December 2012 By paying Rs 15.00 lac , the plots are being purchased from your father by you. So question of your share in his property does not arise.
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Father may be liable to capital gains tax if he sells you the plots. If simply makes a gift there is no tax incidence until the plots will be sold by you.
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It is better to receive the plots as a gift.
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