I have received Rs.15 lakhs from my father who is filing his income tax Return (ITR) regularly and paying tax on his income. Money so received was invested somewhere and earned an interest income around Rs.2,25,000/-.
Do I have to show such amount (i.e. Rs.15 lakhs) in my ITR?
Do I need to discloses & file my ITR for interest if don't have any other income except interest, I understand that income up to Rs.2,50,000/- is not taxable.

So far as first query is concerned, any amount received from relative as gift is exempt from tax thus not taxable.

Now a days transfer of information from one department to other is very easy & there are so many legal requirements under which Banks, Registrar of property etc furnish such information to the income tax department on annually or regularly.

Income tax department on the basis of such information start sending query to the concerned person if such transaction does not match with information in ITR, that's why you should file your ITR and show gift amount under the head exempt income so that any disturbance could be avoided in future.

Now coming to second query , yes income up to Rs.2.50 lakh is not taxable presently and no need to ITR if you don't have any other income but generally TDS is deductible if interest is Rs.5000/-or Rs.40,000/- (as the case may be in case of Bank or others). If TDS has been deducted on your interest income , definitely you must file your ITR other wise you may get notice from IT department.

Filing ITR is beneficial for because first you can avoid the situation of getting notice and second if your income is less than Rs.2.50 lakhs then you will get sure refund of TDS what was deducted by the Banks or by other party.

Hope, this will be useful. Happy Tax planning is better than trying to escape from compliance.

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