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Cash gift

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(Querist)
02 August 2020 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?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
02 August 2020 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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