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.
In my opinion there is no monetary cap on receipt of gift in cash. Need to take care of source.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
View Details
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
View Details
CAclubindia
