Is there any kind of tax on transferring money within family: Dad <> Mom and I?

[Batman]

Is there any kind of tax on transferring money within family: Dad <> Mom and I?

I want to transfer money from mother's account to mine, to eventually invest in Equity. Will there be any tax on

• this transfer: Mom → me
• Transfer back (original amount): me → Mom
• Transfer back (extra - profits): me → Mom

Any tax - income tax, inheritance tax, gift tax if any.

 

[mshenoy]

No. But if your dad/mom sends large amount of money to you, he/she will get income tax notice if he doesn't file ITR as per income. They just need to mention from where the money came.

 

[Batman]

No. But if your dad/mom sends large amount of money to you, he/she will get income tax notice if he doesn't file ITR as per income. They just need to mention from where the money came.

Understood, that shouldn't be an issue. It is legal money.

Thanks!