269st

1. A single/aggregate of bills per day.

2. Cash gifts should not be 2 lakhs or more on such event, otherwise penalty can be levied.

3. " Does it mean that mother gifting Rs. 5 lacs to daughter in cash will now be liable for penalty?"

Yes, Daughter can accept any amount  by cheque or any other banking mode!!!

No section 56 is not supresed by section 269ST, both are independent section operating in thier own spheres. Only thing that can be said that section 56 is now subject to section 269ST so far as cash gifts are concerned. since relatives can give gift of any amount but if the amount of cash gift is Rs 2 Lakhs or more, the donee will invite penalty u/s 271DA.

Thank you!