Pension

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This query is : Resolved

Raj Lahoty (Querist)

14 May 2013 sir is pension income received is fully exempt ?

and the amount receive by sahara co. on sudden death will of insurer will be exempt?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

14 May 2013 Pension received by the pensioner is taxable under Salary Income. if family pension received after death, it is taxable under other sources after getting deduction of 1/3rd of pension or Rs.15000 which ever is lower u/s.57. only family pension received by members of armed forces

Death insurance money received is not taxable

Guest

Guest (Expert)

15 May 2013 Moreover, pension received by an individual who has been in the service of the Central Government or State Government and has been awarded "Param Vir Chakra" or "Maha Vir Chakra" or "Vir Chakra" or such other gallantry award,, is also exempt. u/s 10(17)

family pension received by the widow or children or nominated heirs of a member of armed forces is also exempt u/s 10(19)

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