Taxability of monthly annuity recd. under Pension Plans
This query is : Resolved
24 May 2010
An annuity policy was taken from LIC of India. Upon maturity, only 25% of the maturity value was paid and the balance will be paid as monthly annuity over a period of time as per the terms of policy.
We know that the lump sum amount received (25%) is not taxable. Pls tell me whether the monthly annuity received by the policy holder will be taxable or exempt. Kindly refer to the relevant provision and section.
We know that the lump sum amount received (25%) is not taxable. Pls tell me whether the monthly annuity received by the policy holder will be taxable or exempt. Kindly refer to the relevant provision and section.
24 May 2010
yes it is taxable under the head income from other sources.
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