My daughter in-law wants to give a gift of ₹15 lakhs to her mother by withdrawing from her PPF account which is maturing. Will this transaction attract any tax liability for my daughter or her mother? Can her mother invest this amount in the Senior Citizen Saving Scheme as she is a senior citizen? Will this gift from daughter to mother, needs to be documented by way of a gift deed on a stamp paper and notarized before actual money is transferred from daughter account to mother account?
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