Taxability of amount received from father

[madhavvan n]

an individual has received rs. 1 lac from his father the individual is filing his return as a salaried employee is he required to disclose the amount of rs. 1 lac received how it has to be shown whether it is taxable in his hands

AI Summary

Gift of Rs. 1 Lakh from Father: No Separate Tax Disclosure Required, Just Reflect in Assets or Capital An individual received Rs. 1 lakh from their father and is questioning whether this amount needs to be disclosed in their tax return as a salaried employee. The response clarifies that if the amount is a gift, it does not require separate disclosure but should reflect as an increase in assets or capital. If the amount is a loan or for another purpose, it should be treated accordingly.