I have bought a flat money is given by my father its not been registerd yet is that amount is taxab

Dear Sir,

Hope you are doing well !!

Gift from the relative is not covered in the taxable income in the hands of the recipients

It is advisable to transfer the property through gift deed.

We may assist you in drafting gift deed.

If you have the gift deed then in that case such money wont be taxable as he would be covered in the definition of relative and gift from relative of any amount would be tax free.

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Thank you.

It was at the time of notebandi i.e. 2016-17, so now where do you want to show it?

Also purchasing a property in case is an offence and liable to 100% penalty are you aware of that?

Is cash mentioned in the deed?

Even if you have source for same it can attract litigation.

Hi,

Ideally, you can register the property in the joint name of your father and yours. Since,both of you are contributing 50-50. The money given by your  grandfather to you in form of gift is your money.

Purchase of property is not required to be shown in ITR. However, cash transaction in real estate is not allowed. It can be questioned later on.

Hello,

The gift from a relative as per the income tax law would be exempt from income tax.

Regards,

CA Hunny Badlani

The purchase of property is not required to be declared in ITR, recognize it in the Balance Sheet. The purchase of property in cash attracts a penalty.

- Nothing is taxable in your hands and no need to show in ITR.

- Prepare gift deed.

- If the cash element was more than Rs.2 lacs then it would be a problem. Section came into effect from A.Y. 2018-19.

No, there is no need to show purchase of property while ITR filing.