Cash gift from parents

Gift deed is usually prepared, but what is the amount of the cash.......... as cash upto 2 lakhs only receivable........

Thansk for response.It is more than 2 lacs.So what could be implication for more than lacs gift?

And this from parents, are you sure that the cash gift limit is 2L even for parents.If yes,please help me with the relevant Income Tax clause..

You should receive it by banking mode......... cheque, NEFT..... anything.......... but cash receipt will attract equal amount of penalty when above 2 lakhs....

Refer section 269ST of IT act............ check whether exemption from relatives allowed under this section........

Two clarifications-

1)First of all, it is not for the current financial year,but it is for the last FY i.e 16-17.The proposal of 2L limit for cash transaction is for current FY i.e17-18.Please correct me if I am wrong.

2)secondly I have recieved multiple cash gift based on need from my parents.It was not done in single transaction or in single day as mentioned in the proposed rule.So , I believe if I have recived the gift in multiple transactions(not in a sigle day or single transaction) each less than 2L,then I am not falling under the implication.Please correct me if I am wrong.

               The section states that

no person (other than those specified therein) shall receive an amount of two lakh rupees or more,

(a) in aggregate from a person in a day;
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person,

otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account.