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?
CMA Ramesh Krishnan
(Expert)
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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