Query Regarding House Ownership Transfer Reflected in AIS and ITR Filing

Since the property has been received from your father, it is exempt under Section 56(2)(x) as it is a gift from a specified relative. Therefore, no tax is payable on receipt of the property. Merely because the transaction appears in AIS does not make it taxable. Generally, no separate reporting is required in the income schedules of the ITR for such an exempt gift. However, preserve the registered transfer/gift deed and related documents, as they will be relevant for future capital gains computation if the property is sold.