Tax implications on cash deposit as gift since birth

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  1. pmv

    pmv New Member

    Considering the demonitization into account, If I make a cash deposit of more than 2.5lakhs (cash being received from family, relatives etc. as gift and cash saved during all these years since birth) and later by the end of year, If i pay the taxes on that cash deposits as per the tax bracket does it still attract tax penalty of 200%?
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