As the property is being gifted to you, you are not liable to pay tax. But, your father will have to pay the tax on capital gain (long term/short term). If it is long term capital gain, then your father will be charged accordingly (20% on the capital gain) and if it is short term, it will be on the income slab.
However, I would suggest you to consult a CA to get the exact details and clarification.
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My father is planning to sell his property located in Pune and gift the proceeds to me. What is the tax liability for each of us?
Abhimanyu
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October 14, 2020
2020-10-14T16:20:51+00:00 2020-12-15T14:57:45+00:00Comment
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Taxes
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