Is it permissible to dedicate the reward of reading the Qur'an and fasting to a deceased or living person, and does the reward reach the one to whom it is dedicated and placed in the scale of their good deeds?

It is permissible for a living person to gift the reward of acts of worship to the deceased, and the deceased benefits from this, whether it is charity, fasting, or recitation. However, some of these are by consensus, and some are subject to disagreement. As for gifting the reward of acts of worship to the living, this is a matter of scholarly disagreement. If gifting the reward of an act of obedience is permissible, then the giver is rewarded for his righteousness and kindness towards his brother.