Limit for cash gift from family members one finical year

it person cash gift from family members (father, mother, brother, sister) maximum amount limit in one finical year under it act.
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Quick Summary
Under the IT Act, there's generally no limit to the amount of cash you can receive as a gift from close family members like parents and siblings in a financial year. These gifts are tax-exempt, provided the donor has already paid tax on the funds. While there's no specific monetary ceiling for these family gifts, it's advisable to use banking channels for transactions exceeding Rs 200,000.

No limit but should be through banking channels. The amount gifted should tax-paid capital of the donor.

Gift of any amount to/from 'relatives' is tax exempt u/s. 56(2)(x) of IT act.

There is no limit for exemption in case of gift received from family members. However you can't accept cash gift of more than Rs 200000
As such these are exceptions under sec 56(x) (2).

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