I am 18 years old. I shall receive Rs 2 lakh as gift in December this year. Shall I have to apply for a PAN and file income tax return?

Shila Ganguly, Calcutta

You are an adult and hence you can have an income tax account of your own. As regards to the gift, you shall have to first determine how much of it will come from close relatives and how much from a non-relative. Under the existing provisions of the income tax act, any gifvbt you receive from members of your family and specified relatives is not considered your income but a capital receipt. Thus, no income tax is payable on such gifts. Also gifts received from non-relatives up to Rs 50,000 is tax-free.

Tax matters

I am 75 years old and I have an annual income of Rs 2,60,000. I invested Rs 60,000 in Senior Citizen Savings Scheme on May 15 this year. Where shall I collect the income tax return form and where shall I submit it. When shall I have to submit the return?

Prashanta K. Chatterjee, Sonarpur

As you have invested Rs 60,000 in SCSS only in May this year, you cannot claim deduction of the same amount from your annual income under Section 80C. However, you can claim this deduction next year. You shall have to file your income tax return at Aayakar Bhawan Dakshin, 2 Gariahat Road (South) with income tax ward 53(2). You shall have to submit it before the end of July this year.

Track your PAN card

I am 65, a retired schoolteacher. I get a pension of Rs 5,000 per month. I had applied for PAN while in service. I got the number but not the card. Since my annual income is far below the taxable limit, I didn't pursue the matter after retirement. Now I want to invest a sum of Rs 1 lakh under the Senior Citizen Savings Scheme. Can I do it without tax liability?

Jharna Chakraborty, Calcutta

You can invest the amount in SCSS and submit Form 15H for non-deduction of TDS. For the PAN card, you should approach your income tax assessment office — where you used to submit your return while in service — with your account number and check the status of the card.

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.