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transfer of money to parents

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(Querist)
07 March 2010 if I transfer the money to my parents bank account , would that fall under the section 56 of the Income tax act, as a gift and not taxable in the hands of the parents?
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Nilesh Shah

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Nilesh Shah (Expert)
08 March 2010 Nilesh Shah Writes:

It will not be considered as gift in the hands of your parent.

Section 56 exempts gifts to any lineal ascendant or descendant of the individual.

Sincerely,

Nilesh Shah

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