income tax

Dear sir,

Tax will be applicable on property sold by your father under capital gain(short term or long term capital gain depending upon period of holding of property). Tax on capital gain in the hands of your father.

Cash Gift received from your father exempt from tax. becase gift received from relatives exempt from tax.

Relatives means

• Spouse of the individual
• Brother or sister of the individual
• Brother or sister of the spouse of the individual
• Brother or sister of either of the parents of the individual
• Any lineal ascendant or descendent of the individual
• Any lineal ascendant or descendent of the spouse of the individual
• Spouse of the persons referred to above