My father-in-law has FDs to the tune of 40 lakhs on which he earns interest @ 7.3%, he has no other income. Additionally I would like to gift 80 Lakhs to him from my professional income. From taxation standpoint do I or my father-in-law needs to pay any tax? If he further invests this money into SCSS is he liable for any tax under the new tax regime?
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Gifting money to my father-in-law (my husband's dad)
Replies (1)
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Gift Tax: The ₹80 Lakhs gift from daughter-in-law to father-in-law is completely tax-free under Section 56(2)(x) (father-in-law is a defined relative), and clubbing provisions do not apply.
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SCSS under New Tax Regime: No Section 80C deduction is allowed for the investment principal under the new tax regime, and all interest earned from SCSS and FDs is fully taxable at slab rates without exemptions like Section 80TTB.
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