Gift received Rs 500000 from father

As section 56 of the Income Tax Act,

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 gifts may be in any form – cash, jewellery, movable and immovable property, shares etc.

However, this rule is not applicable if your relatives present the gifts. 

Relatives as per income tax act, 1961

• Parents
• 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

 Accordingly, in your case total amount is not taxable in your hand.