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Transfer of money to mother in law from daughter in law


06-Jun-2023 (In Family Law)
Daughter in law wants to give around 20 to 30 lacs to her mother in law to open senior citizen saving account.nnWill my mother be liable of tax for receiving such money.nnThe money is received from all insurance claims past death of her husband so can we said its a transfer from nominee to legal hair?nnAnd what do we need to think for such a transfer?nnIs there any documentation needed?
Answers (1)

Answer #1
828 votes
In case of death of the insured, the payouts received by the insured’s family will not be counted as taxable income, and the family doesn’t have to pay any taxes for it. At the end of the term, when all the premiums are paid regularly, the insured can claim all the amount without paying any tax, and the amount will be tax exempted.
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