My mother is house-wife and gets cash gift from relatives and deposited that money in her bank account in same month:
1. Cash gift 150000 from husband in may2023
2. Cash gift 190000 from husband in june2023
3. Cash gift 160000 from son in july2023
4. Cash gift 180000 from son in dec2023
5. Cash gift 100000 from daughter in jan2024
Total cash gift recevied & deposited in her bank account= 780000
I wanted to know two things:
A. is there any tax liability on my mother side ?
I think cash received by relatives exempt from taxation u/s 56(2) act of income tax.
B. where fill cash gift amount in ITR1 on I.T portal ?
C. is there any need to file ITR in this case ?
CAclubindia
