There are two aspects to this question
2. Tax Implications
I was advised by my lawyer to not to invest in any property/bank/FD etc because wife will try to bring all my properties/ money/ investments etc. in court to get more alimony during divorce. He advised me to buy gold in small amounts or in some way that my PAN is not submitted during purchase. It is upto you to decide whether gold is a good or bad investment. Other advice was to give money in cash (not cheque or electronic transfer) to parents and let them invest in property/Mutual fund/ etc.
Tax: If you give money to your parents then there is no tax implications for giving money. Money earned as interest or profit from mutual funds etc. will be taxable. So, it is advised to invest in the name of person, who will pay less tax. For example, if your mother has less income than your father then better to invest in mother's name.