30 July 2020
The cash transactions per day limit is Rs.2,00,000.
If the gift is to the relative, it is tax free.
And if the gift is to the person other than relative, then upto Rs.50,000 not tax. Over and above 50k, it is taxable.
09 August 2020
Gift of money: Aggregate value of cash gifts received without consideration during a financial year (FY) would be taxable as other income in the hands of the recipient. However, if the aggregate value of such gifts is less than Rs 50,000, then it would be exempt from tax.
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