Annuity from LIC under jeevan suraksha plan salary or income from other sources

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This discussion clarifies the tax treatment of annuities received from LIC's Jeevan Suraksha pension plan. The consensus is that the monthly pension received is taxable under the 'income from other sources' head, rather than being eligible for the standard deduction applicable to salary income.

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(Querist)
02 August 2023 Dear sir

Can anyone advise if LIC jeevan suraksha pension plan under which monthly pension till death is given. I understand that it is taxable (pls correct if it is nontaxable) but can it be shown under salary where standard deduction is applicable or under income from other sources. Thanks
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 August 2023 The annuity received periodically from the pension fund is taxable under head income from other sources.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
11 September 2024 Good Luck.
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