Dear,
Clubbing provisions will come into play in case of gifts to minor children and spouse. Major (above 18) family members (barring spouse) can be gifted any amount of money freely without the donor falling into the clubbing net...
but one should always keep in mind that the donee income out of gift if grossed up with his/her other income exceeds basic exemption limit then taxability in hands of receiver occurs.
Dear,
Clubbing provisions will come into play in case of gifts to minor children and spouse. Major (above 18) family members (barring spouse) can be gifted any amount of money freely without the donor falling into the clubbing net...
but one should always keep in mind that the donee income out of gift if grossed up with his/her other income exceeds basic exemption limit then taxability in hands of receiver occurs.
Posted by CA. Ritesh Jain (CS in makin) 
"but one should always keep in mind that the donee income out of gift if grossed up with his/her other income exceeds basic exemption limit then taxability in hands of receiver occurs."
don't you think it's quite obvious Ritesh Ji ??
@ Mahesh Garg Ji:
It is subject to the deduction that the receiver will avail in his/her ITR.. and this is only a precautionary measures if the tool is used for tax planning ..because it is seen that generally these type of transaction are made to have a tax planning..
Here Provisions of the law have been mistaken. Person making gift will in no way be benefited for the Assessment Year in which such person is making gift. But, collectively as a family (in case gift is made to relative) person will be benefited in the next assessment year. Family can be benefited in next assessment year if person having higher income gifts to person having lower income/ no income.
Receipt of gift from a relative whatever be the amount is exempt from income tax. But, the person gifting will be making the gift out of taxable income only.
Mr. sharad
as per income tax provisions any thing which is received as gifts from ralative shall not be charge to tax under income tax, so gifts giving by u to your parents shall be considered as gift received from relavive for your parents so it nor charge under the hand of ur parents
there no limit for such type of gifts
it shall not be charge to ur income also
Mr. Sharad
You can gift any amount in any form(cash, cheque or any kind) to your parents. There is no tax liability in your parents hand.
here gift received from any lineal ascendent or descendent of the individual not taxable, also gifts received from spouses of that lineal ascendent or descendent of the individual also not taxable, comes under definition of relative
so gifts received from parents, also received by parents not taxable under income tax act.
CAclubindia
