Commuted Pension

kamlesh patel (Accountant) (73 Points)

30 December 2020  
A person from Private Bank opted for commuted pension from the fund setup by his employer. ie Total Fund is 30 Lacs. Commuted 1/3 received 10 lacs. 20 lacs is yearly pension. Query is whether the commuted amount 10 lac is taxable or exempt u/s 10(10A)