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Home / Finance / Taxes / 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?
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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?

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Pune
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0 2020-10-15T12:57:52+00:00
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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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Vishwas

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