Tax on Family Pension
This query is : Resolved
15 October 2010
Mr X used to get pension Rs. 18000, but now he is no more. Presently Mrs. X is receiving monthly pension of Rs. 20000/- (From Central Govt.). What is the tax treatment?
16 October 2010
Family Pension will be taxable under the head, Income from Other Sources.
The asseessee will be allowed a deduction of a sum equal to one-third ( 1/3 rd) of such income or rupees fifteen thousand , whichever is less.
The asseessee will be allowed a deduction of a sum equal to one-third ( 1/3 rd) of such income or rupees fifteen thousand , whichever is less.
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