Annuity payment from lic taxable or not? plz help
This query is : Resolved
Rajat Jain
(Querist)
19 February 2017
whether annuity payment received from LIC by the spouse after the death of her husband is taxable or is it an exempt income plz explain by referring income tax provisions and if it is taxable then whether i can claim any deduction for such income (like in case of family pension where we claim 1/3 of income as expenses)
IN Short i want to ask whether this annuity comes with in the definition of family pension or not
whether annuity payment received from LIC by the spouse after the death of her husband is taxable or is it an exempt income plz explain by referring income tax provisions and if it is taxable then whether i can claim any deduction for such income (like in case of family pension where we claim 1/3 of income as expenses)
IN Short i want to ask whether this annuity comes with in the definition of family pension or not
Soumitra Basu
(Expert)
20 February 2017
It is taxable under the head Income from Other Sources
Rajat Jain
(Querist)
21 February 2017
if it is taxable then whether i can claim any deduction for such income (like in case of family pension where we claim 1/3 of income as expenses)
IN Short i want to ask whether this annuity comes with in the definition of family pension or not
Soumitra Basu
(Expert)
21 February 2017
It will not be treated as family pension
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