Gift from father

As per the Income Tax Act, 1961 if the value of gifts received is more than Rs. 50,000 a year, then such amount is taxed as income in the hands of the receiver.

These Relatives are:

• Parents ( Hence not taxable in your case )
• Spouse
• Your and your spouse’s brothers and sisters
• Brothers and sisters of your parents
• Your lineal descendants (including spouses)
• Lineal descendants (including spouses) of your spouse

Also, the gifts can be exempt even if they aren’t received from these relatives, if they are received during your marriage.

NOT TAXABLE AS GIFT RECEIVED FROM THE RELATIVE IS EXEMPT