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Gifts Deed
Is there any limits to give n take cash Gifts....??
Replies (4)
Quick Summary
Yes, need to be below Rs. 2 lakhs...
According to Section 269ST of IT act, no person can receive an amount of Rs 2 lakh or more in aggregate from a person in a day in a single transaction; or, in multiple transactions relating to one event or occasion from a person.
Below rs.50000
In my opinion there is no monetary cap on receipt of gift in cash. Need to take care of source.
There is except blood relation.
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