Hadhrat Abu Saeed Khudri (radhiyallahu anhu) narrates that Rasulullah (sallallahu alayhi wasallam) said:
“The Doors of the Heavens are opened up on the first night of Ramadhaan. Not a single Door (among the Doors of Heaven) is then closed until the last night of Ramadhaan. For every Salaat performed (this refers to Taraaweeh Salaat) during the nights of Ramadhaan, Allah Ta’ala records one and a half thousand good deeds for every Sajdah (of that Salaat). And, for the fasting person, Allah Ta’ala creates in Jannat a mansion of red Ya’qoot (a precious stone in Jannat). This mansion will have seven thousand entrances. (So huge will be these entrances that) In each entrance will be located a palace of gold adorned with red Ya’qoot. When the Muslim fasts the first day of Ramadhaan, Allah Ta’ala forgives all his sins committed from the first of the previous Ramadhaan. Daily (i.e. during Ramadhaan) from the time of Fajr Salaat until sunset, seventy thousands Malaa-ikah supplicate for his forgiveness. In return for every Sajdah which he (the fasting person) makes of any Salaat, whether during the day or night, he will obtain (such a wonderful) tree (so huge) that a horseman will take five hundred years to pass under its shade.” (Baihaqi)
[Extracted from Hayaatul Muslimeen by Moulana Ashraf Ali Thanwi Rahimahullah]