After October 1, 1998, the provisions relating to gift tax have ceased to exist. Now you are free to gift away your money to your children without attracting gift tax. Investment made by Major Children out of the gift received by you will be taxed in the hands of your children. If for any reason you are inclined to make gifts to your major children, then you
may give interest free loans to your adult children so as to legally reduce your taxable income.
It is lawful to grant interest free loans to adult children from your own funds.
(Note: User shall consult to his Financial Adviser before acting on these tips. These are experts opinion and it may vary from person to person)