Regarding gift

Respected all Members
gift recieve from sister in cash 51000.
so this is exepmted or taxable
and
Howmany amount cash gift expemted ?.
Replies (6)
Quick Summary
This discussion clarifies that cash gifts received from a sister are generally fully exempt from tax in the UK. While there's a daily cash transaction limit, gifts from close relatives like sisters do not incur tax or penalties. It is advisable to disclose such exempt income in your tax return and consider using cheque payments for larger amounts for better record-keeping, although bank transfers have no specific gift limit.

Yes gift received from sister is fully exempt. The cash transaction limit per day is Rs.2L and therefore there is no tax or penalty on cash gifts received from sister.

However, the receipient shall disclose such gift in his ITR as exempt income.

Prepare  Gift  Deed   ,Exempt  under  section 56(2)  of the Income  tax act 1961 in the  hands  of recipient  in case  of relative  ,as Jain sir  already   sated  above . 

Better if first cash deposited in sister's account and then giving of gift by cheque .
Sir in bank mode gift recieve any limit or not ?
No limit tension.
Thank u very much sir for this help

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