Faimily pension
This query is : Resolved
18 July 2013
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In Retire from Educaiotion Service received Pension and his Wife go Death Received faimily pension is Exempt Inocme. of club income is taxable pls suggest me.
In Retire from Educaiotion Service received Pension and his Wife go Death Received faimily pension is Exempt Inocme. of club income is taxable pls suggest me.
18 July 2013
i) Husband's pension and family pension of the deceased wife is taxable.
ii) Husband's pension has to be offered under the head 'income from salary'
iii) Family pension has to be offered under the head 'income from other sources'.
iv) Against family pension a deduction of 1/3rd or Rs.15,000/- ,whichever is less, can be claimed as deduction.
v) Both the above incomes has to be shown in husband's return form.
ii) Husband's pension has to be offered under the head 'income from salary'
iii) Family pension has to be offered under the head 'income from other sources'.
iv) Against family pension a deduction of 1/3rd or Rs.15,000/- ,whichever is less, can be claimed as deduction.
v) Both the above incomes has to be shown in husband's return form.
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19 July 2013
Thank for Suggestion, and I want to known for Deduction in Ast Yr 2011-12 if yes what again sec for this Deduction.
19 July 2013
Please see section 57(iia) of the Income tax Act,1961.
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