Transferring Money to Mother and Father Separate Accounts - Taxable?

Transferring money to your mother and father is not taxable in hands of your parents but your whole total income is taxable after the exemption limit and Deduction in your hands or any income earned by them from those money by them then either those will clubbing with you if they are not working or filling return or if file return then they can show it if they working or getting pension or filling return

Thanks for your response, Ayusmita. Here are my followup queries:

1. If my whole total taxable income comes at 5.5L but if I transfer 45k to my dad's account then will the taxable income come down to 5.05L ?

2. in total it is 50k? or per PAN 50k in a year?

No you can't reduce your taxable income by transferring the money.

No  your taxable income will not reduced 

It will be same  

And when we give gifts to blood relation there's is no limit of 50k you can give any amount to them but as per new rule it's should not exceed 2lakhs per a single person in a day even if you do lots of transaction 

Above will be comes under IT scanner