R/Sir ,
my sister getting family pension from central govt after my brother-in-law . how calculate income tax deductions. she getting pension Rs 35,000/- per month .pl explain
manikandan aiyaswami (6 Points)
19 March 2019R/Sir ,
my sister getting family pension from central govt after my brother-in-law . how calculate income tax deductions. she getting pension Rs 35,000/- per month .pl explain
A B Kundu
(Professional)
(1422 Points)
Replied 19 March 2019
Offer this income under Income from Other Sources and claim deduction U/s 57(iia). Under this section deduction is allowed as 1/3rd of family pension received or Rs.15,000 whichever is lower.
CA Ankit Agarwal
(CA, CS)
(688 Points)
Replied 22 March 2019
Pension received by a family member is taxed under "Income from other sources".
Total Pension in year 35,000 x12= 4,20,000
Pension Exempt will be 15,000.
Therefor etaxable pension would be Rs. 4,05,000.
Hope it helps.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
