It assess cash gift from father rs:2 lacs and rs:3 lacs through on bank mode two different date’s one finicial year my doubt how many times cash gift received(any limit) one finicial year allowed in it act.
Wherein any individual receives money in excess of 50,000 in any Financial Year without any consideration, such money will be taxed under the head Income from Other Sources in the hands of the recipient.
However, gifts received from relatives are exempt from tax by virtue of Section 56 of the Income Tax Act. There is no such limit on gifts from relatives in IT Act. Any amount of gift given by them to you would be tax-free. Further, you should mention the amount received as a gift from relatives as exempt income in your Income Tax Return.