Cash received as a gift from a specified relative is exempt from tax u/s 56.
If cash received from any person other than specified relative is above Rs. 50,000 only then it will be taxable.
Specified relatives can include:
- spouse of the individual;
- brother or sister of the individual or their spouse
- brother or sister of either of the parents of the individual;
- any lineal ascendant or descendant of the individual or their spouse