Raksha Bandhan 2023: Is gifting cash to your sister taxable? Income tax rules explained here

livemint.com:

income tax laws or any other law. Likewise, there is also no limit to which a person can give a gift in cash.

“However, there is a limit of ₹2 lakh beyond which one cannot accept cash from any person for any transaction including gift on one occasion," said tax and investment expert Balwant Jain In case the amount is more than ₹2 lakh, Jain suggested carrying out the transaction through banking channels in order to comply with the law. “The gifts are taxable in the hands of the recipient under Section 56(2)(x) but gifts from certain specified relatives are outside the scope of this provision," added Balwant Jain.

Yes, shares can be transferred to your sister without any repercussion of taxes, said Archit Gupta. There is a lot of confusion about the most auspicious time to tie Rakhi this year as the festival is celebrated on two days- August 30, and August 31 This year Raksha Bandhan will be celebrated on Wednesday, August 30.