Tax implication on Gift Money received from Parents
Money received from parents as gift does not attract tax
Parents can gift any amount of money out of their taxable income to their children without any tax implication on the children.
Parents and children falls under the specified list of 'relatives' who are exempt under the Income Tax Act as recipients of gift money.
Therefore, in the example you have cited, the son will not have to pay any tax on the Rs 3 lakh gift amount. However, he will be liable to pay tax on any income derived from it.
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