The Telegraph - Calcutta : Business

| Monday, October 09, 2006 |

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Q&A

On your own

In July this year, I had filed my income tax return in Form 2E along with Form 16 through my previous office from where I had retired in May 2005. My annual income, comprising pension and MIS deposits, will be taxable during the current financial year, too. Where should I file my return and who will sign my Form 16' Do I have to attach the investment documents to claim benefits under section 80C'

Tapan Guha Roy, Dum Dum

You will have to file the returns yourself at the same ward or circle office where your office had been filing your returns before. You will get the IT circle or ward number from the receipt copies of your earlier deposits. Form 16 is required for salaried persons only. As, you are a retired person now, you don't require it any longer. However, you will have to attach the documents supporting your investments to claim benefits under section 80C with Form 2E.

Share transfer

I am a housewife, have a PAN card and a demat account. I haven't submitted any income tax return so far. My husband has transferred his entire stock of shares amounting to Rs 3.50 lakh to my demat account in May 2006. Do I or my husband have to pay any tax'

Gopa Maitra, Bapujinagar

The tax implication will depend on how the share transfers were effected. If your husband has gifted you the shares, then it has to be properly documented. Otherwise it will attract a security transaction tax.

Son’s gift

My son is an NRI and wishes to give some money to my wife. She is 56 years old and a housewife. Can she invest the money in post office MIS, NSC or bank deposits' What is the maximum interest/dividend income limit receivable within a year so that she won't have to pay any tax or file income tax return'

A. Dutta, Tollygunge

Your wife can invest the money received from her child anywhere she likes. But the receipt of the money should be in the form of a gift. For women, the threshold annual income for income tax purpose is Rs 1,35,000. Note that it is voluntary to file income tax return below this threshold income limit and it is a must for income above the limit.

If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700001.