Gift transactions

i.t.assess cash gifts from family members(mather,father,brother) in f.y.20-21

1. dt:20-11-20 cash gift from father Rs:1,50,000/- cash mode received

2. Dt:26-12-20 cash gift from mather Rs:1,60,000/- cash mode received

3. t: 05-01-21 cash gift from brother Rs:1,40,000/- cash mode received.

Question:

1.Assess how many times cash gift received from family members for one finicial year allowed in i.t.act

2.Any Limit of gifts amounts from family members in i.t.act(ex:10 or 20 or 30 lacs limit)