30 June 2012
MY FRIENDS WIFE WHO WAS A GOVERNMENT TEACHER GOT EXPIRED AND NOW MY FRIEND IS GETTING MONTHLY PENSION FROM HARYANA GOVERNMENT.
2.I WANT TO KNOW WHETHER PENSION AMOUNT RECEIVED FROM HARYANA GOVERNMENT TO MY FRIEND IS TAXABLE OR NOT. IF TAXABLE WHETHER THERE IS ANY EXEMPTION IN INCOME TAX.
01 July 2012
Family pension is taxable. To be offered for taxation under the head 'income from other sources'. Exemption ,to the tune of Rs.15,000/- or 1/3 rd of the family pension whichever is less ,is allowed as per section 57(iia) of the Income tax Act,1961.
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