Yes, you can give, but income tax authorities can ask you the source of such income.
cash transaction should not exceed Rs 20000/- in a day to Single person
if you are making gift through cheque / DD, then it is no issues.
Limit of Rs 50000 for the person at receiving end of such gift in monetary or in kind for inadequte consideration then it is not taxable in his hands.
Gifts received from relatives are exempt from tax.
The person who is giving gift there is no limit for the amount of gift