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A Will doesn’t need registration — but registration gives it real strength.
It cuts down future disputes, reduces chances of tampering, and offers clarity your family will thank you for.

And remember — if you own property in Mumbai, Chennai or Kolkata, your Will may need probate, which can delay things unless everything is drafted cleanly.

My advice?
Create a proper Will, register it, keep a doctor’s fitness certificate, and ensure all assets are listed clearly.
It’s the simplest act of love you can leave behind.
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📊 Stay ahead of the game with TaxBuddy's calendar.

File those taxes, plan your finances, and ring in the new year stress-free 🎁💸

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https://srikavimoney.blogspot.com/2025/11/found-gold-in-ammas-locker-heres-tax.html

Question:

I am 60, retired, and under financial stress. My nephew sends me ₹60,000 every month to help with my expenses. I have no other income.
Do I have to pay tax on this money? Is this treated as my income?

✅ Answer (

In India, gift tax works on the person receiving the money, not the person giving it.

1️⃣ Gifts up to ₹50,000 a year → Fully tax-free

If all the gifts you receive in a year total ₹50,000 or less, you pay no tax.

2️⃣ But if gifts cross ₹50,000 → The entire amount becomes taxable

If you receive more than ₹50,000 in a year,
👉 the whole amount is treated as your income,
not just the amount above ₹50,000.

👨‍👩‍👧‍👦 Who are “relatives” for tax exemption?

Gifts from certain close relatives are always tax-free, no matter the amount.
These include:

Parents

Children

Siblings

Spouse

Uncle/Aunt (both maternal and paternal) giving to nephew/niece

But this exemption is one-way in some cases

If an uncle or aunt gives money to nephew/niece → Tax-free

If a nephew or niece gives money to uncle/aunt → Not tax-free

Because nephew/niece are NOT included in the official definition of “specified relatives”.

📌 So in your case:

You are receiving ₹60,000 per month from your nephew

Total per year = ₹7,20,000

Since nephew is not a specified relative
👉 the entire ₹7,20,000 becomes taxable as your income

💡 Will you actually pay tax?

Under the new tax regime, there is a rebate (Section 87A):

If your total taxable income is ₹12 lakhs or less,
👉 your tax becomes ₹0.

So even though the money is treated as “income”,
you may not have to pay any tax, depending on your slab.

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KIND ATTENTION TAXPAYERS!

Did you receive a gentle reminder from the Income Tax Department?

It’s part of NUDGE 2.0, helping taxpayers correctly report foreign assets/income.

Kindly review your ITR → check Schedules FA & FSI → file revised return by 31 Dec 2025 (if required)

Don’t Delay. Check, Correct and Comply today!!

What’s STILL Allowed in New Tax Regime (FY 2025–26) ✅

• Standard Deduction: ₹75,000 (salaried & pensioners)
• Employer’s NPS contribution: up to 14% of salary
• Family pension deduction: up to ₹25,000
• Employer benefits still tax-free:
– Gratuity (₹20L)
– Leave encashment (₹25L)
– VRS (₹5L)
• Home loan interest only on rented property (against rent)
• Capital gains exemptions (54 / 54EC / 54F) continue

What’s STILL Allowed in New Tax Regime (FY 2025–26) ✅

• Standard Deduction: ₹75,000 (salaried & pensioners)
• Employer’s NPS contribution: up to 14% of salary
• Family pension deduction: up to ₹25,000
• Employer benefits still tax-free:
– Gratuity (₹20L)
– Leave encashment (₹25L)
– VRS (₹5L)
• Home loan interest only on rented property (against rent)
• Capital gains exemptions (54 / 54EC / 54F) continue

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*India Population :- 146 Crore*

✅Total Aadhar ( net of cancelled) issued : 141 Cr
✅Total PAN issued : 80 Cr
✅Total PAN Aadhaar Linked : 52.69 Crore
✅Total Reg PAN in E filing : 11.93 Crore
✅No of ITRs filed : 7.30 Crore
✅ No of Zero Return File : 4.90 Cr
✅Filers who actually pay Tax : 2.40 Crore

🎯Less than 2 % of the population actually pays Income Tax

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Not every family member is tax-friendly.
Only defined relatives get the exemption privilege.

Tax-free gifts (any amount):
Parents • Spouse • Children • Siblings • Grandparents • In-laws
👉 No limit. No tax. Period.

Big myth people fall for:
❌ *“Cousin is also family”* — Wrong. Fully taxable.
❌ *“Only amount above ₹50,000 is taxed”* — Wrong. Entire amount taxed.

Non-relatives:
👉 If total gifts cross ₹50,000 in a year → 100% taxable.

Silent tax trap most people miss:
Gift may be tax-free…
⚠️ Income generated from that gift may not be.
(Especially between husband & wife — clubbing applies.)

One boring thing that saves you big trouble:
📄 Gift deed
🏦 Bank trail

#DontRetireRich

Income Tax Rates for A.Y. 2026-27 for Individuals