Tax treatment of family pension
This query is : Resolved
28 January 2016
Dear Expert, please tell me about tax treatment regarding family pension. can a family pension holder take the HRA exemption? what are the saving scheme for family pension holder, except 80C ( 150000). & home loan?
28 January 2016
Family pension is to be shown under the head “income from other sources” in the Income-tax Return. For Family Pension you are not eligible to Claim HRA Benifits. Question of HRA allowance component will arise both for Pension & Family Pension.
28 January 2016
thanks a lot sir, but I heard of sec. 80GG, but I am not clear about this one.
28 January 2016
under 80GG you can claim maximum rs.24000/- deduction on rent paid following condiition to be satisfied you have to file declaration form-10BA
The total income for working out these percentages will be computed before making any deduction under section 80GG. In other word eligibility will be least amount of the following :- 1) Rent paid minus 10 percent the adjusted total income. 2) Rs 2,000 per month. 3) 25 percent of the adjusted total income.
The total income for working out these percentages will be computed before making any deduction under section 80GG. In other word eligibility will be least amount of the following :- 1) Rent paid minus 10 percent the adjusted total income. 2) Rs 2,000 per month. 3) 25 percent of the adjusted total income.
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