Gifts received from parents

R.Suresh (Sr. Executive) (394 Points)

29 June 2018  

Dear All,

Happy Morning!

Gift received from Parents is taxable or not?

The Value of gift (Monetary) 5 Lakhs (Deposited as FD) received from Parents.

Kindly clarify the tax treatment of Gift and Interest income for the same.

Thanks

Suresh R