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Limit for gift transaction and amounts

This query is : Resolved 
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(Querist)
06 February 2021 Sir,
I.t.assess cash gift received from family members in f.y.20-21.
1.dt:21-09-20 cash gift from father Rs:1,50,000/- through on bank mode
2.dt:22-10-20 cash gift from mother Rs:2 lacs through on bank mode.
Question:
1.Assess gift from family members how many times one finicial year allowed.
2.any limit of gift amounts(ex:10 or 20 or 40 lacs) received in i.t.act.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
06 February 2021 No limit for number of times and amount for gift received through bank from relative.
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