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Gift tax

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(Querist)
16 October 2011 My son is employed in IT and pays income tax. He wants to give a cash gift to me and my wife. I have read that there won't be any tax on it as this relation is exempted. However want to know does he (son) need to mention it somewhere that he is giving away gift of so and so amount to his parent. Any form he needs to fill while filing returns or something he has to mention so that it will be proper and complaint from tax rules.
Thanks in advance.
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Yash Anandkumar Mandavia

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Yash Anandkumar Mandavia (Expert)
16 October 2011 Your son is not required to show it anywhere. I would advice to prepare a gift deed for the same.
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CA VISHAL RANA,CS,B.Com,AMFI

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CA VISHAL RANA,CS,B.Com,AMFI (Expert)
16 October 2011 yes, gift deed will be drafted on stamp paper of RS. 10..gift from relative fully exempt ...... well done yash sir
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