Dear Members
I have Rs. 7 lakh balance in my saving account which is my earnings for FY 18-19.
I need Rs. 13 lakh to make payment to a builder.
My dad can break his FD of Rs. 6 lakh and deposit the amount in my account bringing my savings account balance to 13 lakh from which i can then make payment to builder.
My question is will this Rs. 6 lakh will be treated as gift by my father to me and not taxable in my hands.
Will i get income tax notice?
Please guide.
regards
shivani
CAclubindia
