25 June 2018
With regard to family pension being received by widow and minor son under Employee Pension Scheme 95, 1. Whether it should be declared in IT return under "income from other sources" 2. Whether the widow can claim standard deduction of Rs. 15000/- 3. As the minor income is to be clubbed in mother's income, whether another Rs 1500/- can be deducted from minor income ( As Minor income above Rs 1500 only is reported as taxable) 4. Whether the above deductions , Rs 15000/- and Rs 1500/- to be shown under Exempted income in ITR2
26 June 2018
Thanks a lot Mr Warrier. Referred the Section 57 (iia) advised by you. It is expressly mentioned that "For the purposes of this clause, "family pension" means a regular monthly amount payable by the employer to a person belonging to the family of an employee in the event of his death ". Whether the family pension under Employee Pension Scheme 1995 is considered as "family pension" for claiming the deduction of Rs 15000/-. If considered, is it sufficient to include the total pension amount minus Rs 15000/- as income. Or Rs 15000/- is to be declared under exempted income portion of ITR2. Again thanking you for your efforts in educating us. Regards Ramadurai
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