Excempt income also penalized

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Originally posted by : Dhirajlal Rambhia
	No

I read somewhere that if Gift is above INR 50,000 in a Financial Year then its taxable. I want to know if Gift from father is above INR 50,000 in a Financial Year then its taxable?

And attracts penalty under Undisclosed Income Sceheme if not shown in ITR?

Can a Qualified CA PM me for fast consultation with fee paid here?

Gift from Father (being relative as per IT act), is exempt, be whaterver amount.

No penalty for its non-disclosure, but explainable/justifiable whenever queried.