Commuted pension

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 April 2012 one of my client received commuted pension after retiring from central bank of India. now whether commuted pension is taxable r not if exempt upto what extent.
kindly guide me

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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20 April 2012 (10A) 46(i) any payment in commutation of pension received under the Civil Pensions (Commutation) Rules of the Central Government or under any similar scheme applicable 47[to the members of the civil services of the Union or holders of posts connected with defence or of civil posts under the Union (such members or holders being persons not governed by the said Rules) or to the members of the all-India services or to the members of the defence services or to the members of the civil services of a State or holders of civil posts under a State or to the employees of a local authority] or a corporation established by a Central, State or Provincial Act ;
(ii) any payment in commutation of pension received under any scheme of any other employer, to the extent it does not exceed—
(a) in a case where the employee receives any gratuity, the commuted value of one-third of the pension which he is normally entitled to receive, and
(b) in any other case, the commuted value of one-half of such pension,
such commuted value being determined having regard to the age of the recipient, the state of his health, the rate of interest and officially recognised tables of mortality ;
48[* * *]
49[ (iii) any payment in commutation of pension received from a fund under clause (23AAB) ;]

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2012 Thank You Sir

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