Hi,
I need a information regarding gift tax on Income tax
My father gave me some X amount to me for purchasing my house. That X amount came from selling of other property. I want to know whether that X amount is taxable or not. If it is non taxable then what is the maximum amount that a parent can give to child.
Thanks & Regards
Sridhar
Your father was liable to pay capital gains over sell of the property.
Once the tax is paid, any gift from parent/s for any amount is not taxable in the hands of child, (No gift tax for gift received from relatives).
Thank U
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