Question :

a) Please advise whether I can gift Rs 50,000 each to my son-in-law and daughter-in-law in one day? If so, is there any tax liability on the donee or donor ?

b) What is probating of a will ?

Answer :

a) There would be no tax liability in respect of the amount gifted by you to your son-in-law and daughter-in-law as far as both these recipients are concerned. However, income earned on the amount gifted to your daughter-in-law will be included in your total income under the provisions of Section 64 sub-section (1) (vi) of the Act.

b) The probate of a will is a process whereby the will executed by a person is legally recognised to enable the beneficiaries become legal owner of the property in respect of which the will has been executed. It may also be defined as an official process approving that the will is valid.
Source : The Tribune/16.10.2017