Pan Card for New Born.
This query is : Resolved
16 November 2008
Hello All,
I wanted to know, whose photo would be fixed on form 49 if pan is applied for a new born, father being a representative accessee.
Also, whether income of the individual so applied would be clubbed with parents?
What is the case if investment is made in PPF account? I mean since individual limit is 70,000/-, then can parent as well as kid can invest 70,000/- each in PPF though different PAN or not.
Regards,
Rahul
I wanted to know, whose photo would be fixed on form 49 if pan is applied for a new born, father being a representative accessee.
Also, whether income of the individual so applied would be clubbed with parents?
What is the case if investment is made in PPF account? I mean since individual limit is 70,000/-, then can parent as well as kid can invest 70,000/- each in PPF though different PAN or not.
Regards,
Rahul
16 November 2008
Applicants photo(minor's).
Clubbing provisions attracts.
PPF investments is debatable.
Clubbing provisions attracts.
PPF investments is debatable.
16 November 2008
Clubbing provisions attracts?
Please explain. Will it be applicable or Not...
PPF is debateable, means half think its possible and other half belive its not... True?
Please explain. Will it be applicable or Not...
PPF is debateable, means half think its possible and other half belive its not... True?
16 November 2008
income of the individual so applied would not be clubbed with parents
17 November 2008
I will once again explain the IT provisions as under:-
1) if the minor derives income from manual work done by him or derives income from activities involving application of skill,talent or specialized knowledge and experience
a) then take pan in minors name(affix minors photo)
b)invest 70000/- in PPF.
c) file return in representative capacity.
d) clubbing provisions do not attract.
2)if the minor derives income in a manner other than mentioned above
a) no meaning in taking pan in minors name.
b)can invest 70000/- each in minors and parent's name.But deduction u/s 80C will be restricted to 100000/-
c)clubbing provisions u/s 64(1A) will attract.
d) minor need not file return.
1) if the minor derives income from manual work done by him or derives income from activities involving application of skill,talent or specialized knowledge and experience
a) then take pan in minors name(affix minors photo)
b)invest 70000/- in PPF.
c) file return in representative capacity.
d) clubbing provisions do not attract.
2)if the minor derives income in a manner other than mentioned above
a) no meaning in taking pan in minors name.
b)can invest 70000/- each in minors and parent's name.But deduction u/s 80C will be restricted to 100000/-
c)clubbing provisions u/s 64(1A) will attract.
d) minor need not file return.
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