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Gift Received in Cash

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(Querist)
11 September 2009 Last year I have received 5 lakhs as a gift from my mother in cash.I want to know whether gift received in cash is accepted under Income Tax or Not?

Thanks
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Kaustuv

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Kaustuv (Expert)
11 September 2009 not more than Rs. 50,000
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CA CHINTAN AJMERA

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CA CHINTAN AJMERA (Expert)
11 September 2009 Yes it is accepted.
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Ratan Sharma

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Ratan Sharma (Expert)
12 September 2009 can be accepted. There is no limit so far as the gift is received from the relative.
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CA Gangadhar Mishra

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CA Gangadhar Mishra (Expert)
12 September 2009 no limit for gift from relatives

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