My friend's wife is home maker and having normal SB ac in PSU Bank. Her father gifted her 4 lakhs in cash for her expenses and it is not taxed since he is a farmer. How to deposit the cash in her SB ac, whether it is taxable..
2 Answers
Hi,
With effective from 1st April, 2017, no person shall receive an amount of Rs 2 Lakh or more;
(A) in aggregate from a person in a day (or)
(B) in respect of a single transaction (or)
(C) in respect of transactions relating to one event or occasion from a person.
Kindly read :
https://www.relakhs.com/rs-2-lakh-cash-transaction-limit/
So, you may suggest your friend to return the cash amount to her father, and request him to transfer the amount from his bank account (assuming he has a bank ac) to her SB account.
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