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Gift by relative

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(Querist)
03 April 2021 One of my close relative want to give me cash gift of Rs. 40.00 lac. Is there any lncome-tax liability on the said gift ? Whether registration of Gift-deed is compulsory ?
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CA Ankith Jain

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CA Ankith Jain (Expert)
03 April 2021 Any gift from relatives is exempt from tax, however as per 269ST, you are not eligible to enter into any transaction in excess Rs. 2 lakhs or more in cash. So, you cannot. For any queries, you could mail to caankithjain@gmail.com.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
28 November 2021 You can take the gifted amount by any banking channel.
If the relative is as per the list provided u/s. 56(2) of IT act, then there will not be any tax liability on you.
Making gift deed is advisable.
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