Gift Tax - Received from Parent to Children

You should give this amount by cheque and write on a plain paper about this transactions and take sign of your sign on it. that’s enough

ya dear NK, the amount should  not be taxable.

as evidence, you can sign an affidavit & keep it with u.......

A gift deed can be executed so as to avoid any hassles when the case is open up for scrutiny and since the amount is recieved from a parent it si not taxable anywhere and the department is required to be informed thru the return of income...(i forgot the schedules name where it has to be written, but im sure that department needs to be informed)

Originally posted by : Karan Teli
	A gift deed can be executed so as to avoid any hassles when the case is open up for scrutiny and since the amount is recieved from a parent it si not taxable anywhere and the department is required to be informed thru the return of income...(i forgot the schedules name where it has to be written, but im sure that department needs to be informed)

it is to be written under the head "Income from other sources" but excempt u/s 56