Gifting of money

Sreekumar (Manager - Finance) (297 Points)

11 January 2017  

I am planning to give Rs.20 lakhs to my son who is a STUDENT and does not have any income by way of gift deed.

He will invest the amount in bank fixed deposit and earns less than 2.5 lakhs and submits Form 15G to bank for not deducting TDS in the interest income.

Please let me know if there is any tax liability either in his side or my side.

How to avail exemption and what is the limit.

Thanks in advance.