Income Tax Department India Pan
November 30th, 2010
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Question: How PAN no is usefull for me.I am a NRI.if i send money to india from uk will they deduct money from my accoun
will Income tax department deduct my money if im nri and sending money to my indian NRE icici or hdfc account..could u please suggest me the answer..
and my father earns 1 lakh 52000 rupees per year is it taxable..and if he applies for a pan number is it a good idea..
people are saying that Income tax department will cut 30000 rupees for every 1 lakh rupees of income..can u advice me regarding this please..i appreciate your answerAnswer: No tax will be deducted for the money sent by you from UK or no tax has to be paid on this amount. Because the amount sent by you from UK is not an income of your father or mother will only be treated as gift. And at present no gift tax on NRI gifts. Gift tax is only on the gifts within India. At present there is no need for you to have a PAN. If you wish to have a PAN number, it is OK. It will may be useful in future.
Regarding your father, I advise him to take a PAN number. If your father’s age is >65 years (Senior Citizen), then he is eligible for Rs. 1,95,000/- tax free income. (Last year it was Rs.1,85,000/-). If his age is <65 years, then he is eligable for Rs.1,10,000 tax free income. (Last year Rs.1 lakh).
From now onwards send money to your mother. Then the income earned on that money will be your mothers income and she is individually eligable for a tax exemption of Rs.1 lakh 45 thousand. (Last year Rs.1.35 lakhs). If she is also >65 years then the exemption for her will be Rs.1.95 lakhs.
DDA to launch Housing Scheme-2010 from Nov.25
New Delhi, Nov.19 : Delhi Development Authority will be launching the “DDA Housing Scheme, 2010″ from 25th November to 24th December,2010.
tax guru 4th oct 2008
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