one of the it person gifts from parents and relatives received by cash mode and bank mode how many times for one finicial year accepted in it act.
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GIFTS OF CASH MODE AND BANK MODE FOR ONE FINICIAL YEAR
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As such not restricted by number of transactions, but by cash mode, not allowed for aggregate more than 1.99 lakhs,
There is no certain restictions in no of cash transactions
in excess of certain amount taxable in the year of Reciept :- Cash of Rs 50000 pa in aggregate as per section 56 (2) (x) of IT Act 1961
in excess of certain amount taxable in the year of Reciept :- Cash of Rs 50000 pa in aggregate as per section 56 (2) (x) of IT Act 1961
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