DelhiDesk A daughter-in-law wants to give a gift of INR 15 lakhs to her mother from her PPF account, and the mother wants to invest the money in the Senior Citizen Saving Scheme. The article explains that after the abolition of the Gift Tax Act, the recipient of the gift is liable to pay tax on the gift if the aggregate of all gifts received during one financial year exceeds INR 50,000. However, gifts received from specified relatives, including children, are not treated as income of the recipient irrespective of the value of the gifts. Therefore, neither the daughter nor her mother will have any tax implications in this transaction. Additionally, there is no need for a gift deed on a stamp paper, and a communication from the daughter to her mother with the check for the gift will suffice. The article also includes contact information for a tax and investment expert.
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👉 My daughter-in-law wants to give a gift of 15 lakhs to her mother from her PPF account which is maturing.
👉 The recipient of a gift is required to pay tax if the aggregate of all the gifts received during one financial year exceeds fifty thousand rupees in a year.
👉 Gifts received from specified relatives including children are not to be treated as the income of the recipient irrespective of the value of the gifts.
👉 The mother can invest the money in the Senior Citizen Savings Scheme.
👉 There is no need for a gift deed on a stamp paper. Clear communication and acceptance of the gift by the donee is required.
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