Gift money to my father-in-law (my husband’s dad)

My father-in-law (my husband’s dad) has FDs to the tune of 40 Lakhs on which he earns interest of 7.3% per annum and no other income. Additionally I would like to gift 80 lakhs INR to him from my professional income. From a taxation standpoint do I or my father-in-law needs to pay any tax? He would be further investing this amount in Senior Citizen savings scheme. Is he liable for any tax under the new tax regime?