Gift Tax

Dear Pankaj,

It will not be taxable in the hands of ur Father & the fact that u have gifted it by account payee cheque doesnot make any difference i:e u can even gift money in cash.

Father gets coverd under "any lineal ascendant or descendant of the individual"

Needless to say in ur hand u will neither get any deduction of such gift nor it will be taxable separately

Mr.CA Pankaj

The Explanation to Section 56(2)(vi) provides that the expression "relative" means:
 

1. Spouse of the individual;
2. Brother or sister of the individual;
3. Brother or sister of the spouse of the individual;
4. Brother or sister of either of the parents of the individual;
5. Any lineal ascendant or descendant of the individual;
6. Any lineal ascendant or descendant of the spouse of the individual; and
7. Spouse of the person referred to in clauses (2) to (6).

Agree with Mr.Amir - Point 5..........