Taxation on gift received from son to father

Yogesh Kini (Tax Consultant) (86 Points)

20 July 2018  

Hello, 

Son has gifted consideration of Rs.380000/- to his Father in FY 2017-18.

My Queries : -

1. Exempted Amount in the above case.

2. Whether it is Fully Exempted as it covers the definition of Relatives.

 

Kindly provide Suggestions.

Thank You.