My father gifted a home to me and my brother in the name of registration and remaining (other brothers are also included).
A few years ago, I was involved in share markets and mutual funds investment and banking asked me to submit an ITR file.
So I am very worried about my situation.
Shall I show it in my tax property (gift tax)?
Kindly clarify my doubt.
Ans: The relationship of father and son is covered under the definition of 'specified relatives'.
So, as per the current income tax rules, a father gifting his son is fully exempt, hence attracts NO tax in your hands.
You can show it in your assets.
However if, after computation, you do have tax payable for previous years on your shares and mutual fund transactions, you have an exposure and can consider paying it with interest.