Gift to parent

Hi Pankaj,

I want to gift sum amount to my parent as gift. What are the tax implication for both of us as they are not senior citizen but retired. In addition other then gift deed what other charges will i have to bear?

asked Jan 22 '12 at 12:20 by sanober 1122

As gift is being given to your parents from your side, there is no income tax for both your parents and you.

There are no charges you would have to bear. You can make a gift deed on plain paper stating amount, date, signed by donor and donee and two witnesses.

answered Jan 23 '12 at 17:10 by Pankaj Batra 5.2k320


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Asked: Jan 22 '12 at 12:20

Seen: 2,433 times

Last updated: Jan 23 '12 at 17:10