Hello, my widowed mom lives in Ontario, Canada. She wants to gift money from her savings account in India to her 2 adult children also living in Ontario, Canada. She wants to gift the money while she is alive to children so she feels fulfilled and satisfied as a parent during her old age.
Could the money be Transferred bank to bank to gift the monies to her 2 children. She has already paid the taxes TDS in India on this money.
What do the children need in documentation for this polices here in Canada. Is the gift money be taxable?
Are gift deeds required from India?