Pension income
This query is : Resolved
DAVINDER SINGH
(Querist)
28 July 2012
Sir,
My mother receive Rs. 2.60 Lakhs pension per annum, can we less the standard deduction u/s 10 (16) as 30% with this or not.
My mother receive Rs. 2.60 Lakhs pension per annum, can we less the standard deduction u/s 10 (16) as 30% with this or not.
Mohit Naithani
(Expert)
28 July 2012
Its exempt upto 1/3 or 15000/- (Whichever is less) if pension recv by your mother on behalf of your father. And remaining amount is taxable under the head of Income From other sources.
But if this is her own pension then its fully taxable under the head of Income from Salary.
Uncommuted Pension is fully taxable for all employee (Govt or Pvt.) under sec 17(1)(ii).
But if this is her own pension then its fully taxable under the head of Income from Salary.
Uncommuted Pension is fully taxable for all employee (Govt or Pvt.) under sec 17(1)(ii).
SANYAM ARORA
(Expert)
28 July 2012
Agreed with the reply
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