It is. Supply ("Be that"] instead of "It is".
a gift. dedicated to God.
thou: i.e. the parent.
profited. helped.
by. of. Greek. ek.
me: i.e. the son.
Related Commentaries of Matthew 15:5
Matthew 15:5
5 But ye say, Whosoever shall say to his father or his mother, It is a gift, by whatsoever thou mightest be profited by me;