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Most people have begun shopping for gifts for their family and friends. Instead of goods, try gifting a financial instrument this year whose value could multiply severalfold over the years. While doing so, however, be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
Fixed deposits
You could start a fixed deposit (FD) jointly with the person you wish to gift to. You could also gift the person cash, with which he could start an FD.
How the transfer and the interest generated by the deposit are taxed depends on several
