Respected all Members gift recieve from sister in cash 51000. so this is exepmted or taxable and Howmany amount cash gift expemted ?.
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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 .