CASH - GIFT

Sec.56 of the IT act says any gift recieved other than on the occasions listed in the said section in excess of Rs.50,000 shall be taxable as Income From Other Sources.... infact from oct. 09, it is also applicable in respect of immovable and other property...

And let me point out here that, their is no violation of any provision fo income tax act. The law just says that if it exceeds the prescribed amount, it shall be taxable..

As for that purpose, violation can be said if amount exceeding Rs.20000/- for giving loan purposes is done. as it is restricted by Sec.269SS/T.........!!!!

 You will not have any tax liability because it is gift given by relative.

hey plzz tell me if any cash gift recd from  mother suppose 250000 and from such cash assessee(ie major unmarried daughter)  purchses fdr"s... whether intt income on such fdr taxable for transfree or transfror..
 

Here gift is received from a relative and hence in no point its taxability arises...

regarding ur 2nd querry and amount recieved as gift and the same is invested in FDs and interest earned is taxable to the transferree and not to the transferror (unless and untill nexus is proved....)