Salary income + family pension
Sarvesh (student) (287 Points)
20 September 2016Sarvesh (student) (287 Points)
20 September 2016
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 20 September 2016
Under Section 57(iia) of the Income-tax Act, 1961, a standard deduction to the extent of 1/3rd of the (Uncommuted) family pension or Rs 15,000, whichever of the two is lower is allowable.
So, net amount of 1.29 L of pension amount will be added to taxable income under 'Income from Other sources.'
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