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.
CAclubindia
