Arnav Pandya explains income tax rules for gifts, highlighting exemptions for gifts from relatives like spouses, parents, and in-laws. Various types of gifts are taxable based on valuation and specific conditions, impacting both givers and receivers. Pandya says: "Any amount received from a relative, even if it is above 50,000 would not be taxed in the hands of the receiver ."
For long-term investments, consider investing in longer duration debt funds and long duration bond funds. Fixed deposits can be a good option to take advantage of higher interest rates, but the timing of rate cuts is uncertain. Staggering fixed deposits and renewing them as they mature can help maximize returns.
Arnav Pandya says: "The circular does not specify that the same reason cannot be used for partial withdrawal multiple times. However, it is important to consider different reasons for withdrawal, such as medical treatment, to plan ahead and maintain a growing corpus. One can also withdraw for something which can help you in your career. You can also withdraw if you want to use it to start up a new venture or a startup."
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