Taxability of amount received from father, Income Tax

[madhavvan n]

an individual has received rs. 1 lac from his father the individual is filing his return as a salaried employee is he required to disclose the amount of rs. 1 lac received how it has to be shown whether it is taxable in his hands

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[Rama Krishana]

If the amount received from his father is in the nature of gift, there is no need to show separately, but it has to result into increase in assets or capital which should be taken care of. On the other side if it is in the nature of loan or some thing else, you need to treat the same accordingly.