| Once my daughter turns 18, she will receive around Rs 2 lakh as gift (Children Career Growth Scheme). Would she be liable to pay tax on that? Would she need a PAN? |
Braja Ghosal, Mahestala |
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| Presuming that the name of the scheme you mentioned is a mutual fund, your daughter won’t need to pay any tax because capital gains tax on equity mutual funds is zero if the units are held for more than 12 months. However, she can always apply for a PAN and it doesn’t mean that she should have a taxable income. |
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| No need to worry |
| I am a senior citizen and have interest income from Senior Citizen Savings Scheme and Post Office Monthly Income Scheme. My total income is Rs 1,95,175. Do I have to pay income tax and submit return? |
R.K. Bose, Selimpur |
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| The basic exemption limit on annual income for senior citizens (above 65 years of age) is Rs 2,25,000 for the financial year 2008-09. So, you don't have to file income tax return. |
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| Free to apply for PAN |
| I am 20-years-old and have income from private tuition. What is the threshold income limit to apply for a PAN? |
Shila Ganguli, Calcutta |
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| There is no income limit for applying for a PAN. You can apply for a PAN even if you have no taxable income. |
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| A matter of choice |
| I am above 71 years. In 2007-08, I paid an income tax of Rs 1,050. But in 2008-09, the basic exemption limit for senior citizens have been increased to Rs 2,25,000 and my total income was below that. Do I need to submit income tax return? |
Shila Ganguli, Calcutta |
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| g of income tax return is voluntary for those who don’t have taxable income. So, you can skip filing IT return if your annual income is less than Rs 2,25,000 in 2008-09. |
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| 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 700 001. |
