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gift recieve from sister in cash 51000.
so this is exepmted or taxable
and
Howmany amount cash gift expemted ?.
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Regarding gift
Replies (6)
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.
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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