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Cash gift

This query is : Resolved 

My wife gave me Rs.2, 00,000/- gift in hard cash (it was from money received from my son into her bank account from the USA) Is this amount taxable in anyone's hand, and how?


Cash payment of 2 lacs and above not allowed. Equal penalty levied under section 269ST.
No tax payable on such gifts less than 2 lacs.


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