Gift by children- to be reported under which schedule

[Shan S]

Gift given by children to both the parents and they invest in FD and ULIP policies?

Do they have to show the amount got from the children in the respective financial year as GIFT, if so what schedule it must be reported for ITR 1 /2?

and any supporting documents needed? Are clubbing provision involved for interest earned from FD by parents in the hands of children?

And is there any upper limit that exist for the gift to be given to close /specified relatives?

AI Summary

Gift reporting and clubbing issues arise when children fund parents' fixed deposits and ULIP investments.
Income-tax treatment is queried for gifts from children to parents where gifted funds are invested in fixed deposits and ULIP policies. Questions include disclosure of gift receipts in ITR-1 or ITR-2, the relevant reporting schedule, supporting documents, clubbing provisions for fixed-deposit interest, and any upper limit for gifts to close or specified relatives.