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Gift of 50000 from father

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(Querist)
11 December 2013 one of my client said he will show as gift received from father every year a cash of Rs.50000/- , what tax consequences will he face and the precedure by which he can accept such gift.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
11 December 2013 Prepare a gift deed. Presently gift can be accepted from relatives. There is no tax incidence in the case as son is not a minor.
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Ganeshbabu K

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Ganeshbabu K (Expert)
11 December 2013 Gift from relative is always exempt from income tax
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