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This discussion clarifies the taxability of monthly financial assistance received by beneficiaries of deceased employees from the Haryana government. It confirms that such amounts are taxable. However, Section 57 of the Income Tax Act allows for a standard deduction of either one-third of the amount received or Rs. 15,000, whichever is less.

(Querist)
17 June 2024 Is amont received by haryana govt due to monthly financial assistance ( beneficiarie of deceased employee) taxable?

17 June 2024 Yes, u/h IFOS......
Section 57 allows standard deduction of 1/3rd of amount received or Rs.15,000 whichever is less.

30 August 2024 Good luck.


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