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
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Family pension
Replies (2)
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.
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.
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