Family pension

Freinds,

Family pension received by legal heirs is taxable under sec.56. and deduction is available under sec.57 i.e Rs.15000/- or 1/3rd of such pension whichever is lower. if pension is commuted thyen what is the tax treatment in the hands of legal heirs? THAnks in advance freinds. 

Replies (3)

firneds try to answere me

Explanation of that section specifically mentioned that for the purpose of this clause family pension shall be that pension which is receiveable on regular monthly basis

sec 80 CCD is applicable on non govt. employee also

(all figs in rupees)

Suppose the person opt for commutation and say for eg the commuted value of pension be 100,020 and suppose pension was 1500 Rupees. Suppose he commutes  1000 (out of 1500)


Now exempted pension will be

(if not receving gratuity)

1/3 X 1500 / 1000 X 100,020 = 50,010

(if receving gratuity)

1/2 X 1500/1000 x 100,020 = 75,015

 

(According to sec 80 CCE Maximum deduction which cab be availed in sec 80C,80CCC or 80CCD individually or in aggregate is 100,000)

nice explation by mr.z keep it up ...i having some more explation but i dont think its needed here commercial vehicle loans

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
15 October 2026
Senior Accountant

Continental Belting Pvt Ltd

Mumbai

B.Com

View Details
Company
19 September 2026
CA/Semi-CA/BCom

Pravin Sarvaiya

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
14 October 2026
Accountant

Rize.farm

Bengaluru

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details