Taxation of superannuation fund ??

This query is : Resolved

ankit (Querist)
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17 August 2014 Mr. X (45 years old ) received following amount from approved superannuation fund on resignation after rendering service of 20 years.

1. Employer contribution - 500000
2. Interest thereon - 100000
3. Own contribution - 500000
4. Interest thereon - 100000

what will be the taxable amount and exempt amount ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 August 2014 Entire amount is exempt from Tax.

Any payment received from a Provident Fund, (i.e. to which the Provident Fund Act, 1925 applies) is exempt. Any payment from any other provident fund notified by the Central Govt. is also exempt.

Please refer Section 10(11).

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 August 2014 Payment from an Approved Superannuation Fund will be exempt provided the payment is made in the circumstances specified in the section 10(13) viz. death, retirement and incapacitation.

As the amount you got is on resignation it is taxable.

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