17 September 2014
please tell about PARAM VEEER CHAKRA warded army persons exempted incomes, pention, family pention, petol pump awarded to family of victim.
18 September 2014
Pension / Family Pension received by personnel who have been awarded "Param Vir Chakra" or "Maha Vir Chakra" or "Vir Chakra" or such other gallantry awards are exempted from Income Tax on their pension under Section 10 (18) of Income Tax Act.
However, any business income from petrol pump etc wont be exempted
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