I am a resident sr citizen.
I intend to make a cash gift from my matured ppf to my nephew. Will it be taxable in the hand of my nephew? If not, upto what amount it will not be taxed ?
What is the procedure of making the gift?
Should it be shown in his ITR and in what manner?
It will be taxabl ein the hands of nephew as nephew is not covered under the definition of relatives
U can gift to sister.. There is no restriction on it.
No tax liability.. U can gift any amount to your sister
CAclubindia
