I have got 4 lakhs as cash from my father. Will I be liable for tax payment on this amount if I deposit the same in my saving account. Please guide.
Ans: presuming that you have received this cash from the accounted for funds from your father, on which your father has already paid the taxes as applicable, when he might have earned the income. The funds given to you by you father is gift by relative and so, it won't be taxable in your hands, presuming that your father has accounted for this cash in books and has discharged his part of the tax liability, when he would have earned this money.