Cash gift sec 64 applicable

Kollipara Sundaraiah (B.com) (2963 Points)

12 February 2021  

I.t. Assess cash gift from family father Rs:2 lacs and mother Rs:2 lacs two times  two different dates through on bank mode received in f.y.20-21.
question:
1.gift amounts taxable or exempted
2.Sec 68 applicable in I.t. act.