Dear Valued Members,
Mr. X received a gift of 2 lakhs from his father by fund transfer and given a certificate to his son Mr. X stating no futher claim in this gift.
After holding this gift money for 3yrs, Mr. X again gifted this money to his wife without any future claim through cheque. Now his wife invested this in Mutual Fund.
Kindly advice is there any tax implication to Mr. X or his wife and income earned from MF will be added to whom.
Thanks in Advance for your valuable advice.