Tax on gifts to a New Born
This query is : Resolved
20 October 2008
Hello,
I will be becoming a father of a baby late this month. I wanted to know the Tax Implications on the cash gifts given to the new born.
I also heard of PAN Cards of the babies, the 45 days/60 days babies created record by obtaining one. Please also update me in this regard. "May be i can create a record of 10 or 15 days" - Just Joking.
Regards,
Rahul.
I will be becoming a father of a baby late this month. I wanted to know the Tax Implications on the cash gifts given to the new born.
I also heard of PAN Cards of the babies, the 45 days/60 days babies created record by obtaining one. Please also update me in this regard. "May be i can create a record of 10 or 15 days" - Just Joking.
Regards,
Rahul.
20 October 2008
See section 56 of IT Act.
20 October 2008
Hello,
Please guide me through... Where do i find this section?
Please guide me through... Where do i find this section?
20 October 2008
Income tax Act 1961.
20 October 2008
Hello,
I am a new commer. Please ig you can guide me with some links or may be direct explaination of the act.
Its like me explaing a finace manager in 'C'
Please guide.
Regards,
Rahul
I am a new commer. Please ig you can guide me with some links or may be direct explaination of the act.
Its like me explaing a finace manager in 'C'
Please guide.
Regards,
Rahul
20 October 2008
Ok! I Found Income Tax Act 1961 and read section 56.
Nothing is mentioned about tax received by a new born (Well my friends can also gift!!).
Also, nothing about PAN for a new born...
Nothing is mentioned about tax received by a new born (Well my friends can also gift!!).
Also, nothing about PAN for a new born...
20 October 2008
The new born child is an individual!
PAN can be obtained for any individual, HUF, firm or company or any person for that matter.
PAN can be obtained for any individual, HUF, firm or company or any person for that matter.
20 October 2008
Hello,
How about the gift to the new born... No update on that.
I wanted to know whatever is received by the child on his birth is tax free or will i have to pay tax for it. Who will be liable for same (I mean me or my wife when both are tax payees)
Regards
How about the gift to the new born... No update on that.
I wanted to know whatever is received by the child on his birth is tax free or will i have to pay tax for it. Who will be liable for same (I mean me or my wife when both are tax payees)
Regards
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