Gift of assets earned in india by nri son to parents

I am NRI. I have some FDs in I. Rs. in NRO a/c in Indian Bank and shares of Indian Companies. I had earned / invested these when I was resident in India. If I will gift all these to my father or mother resident in India then -

a) will I or my parents be taxed? 

b) Should I prepare any affidaviit or document for any future eventualities. 

Thanks