My mother receives family pension. I read in the forum that 15,000 or 1/3 whichever is higher is deductible. Under which section is it deductible and should it be reported under Other Income?
Thanks AB
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(161265 Points)
Replied 03 July 2019
Its taxable u.h IFOS.
For family pension, a standard deduction u/s 57(iia) is available under which an amount of Rs 15,000 or 1/3rd of the uncommuted pension received, whichever is less, shall be exempt.
CAclubindia
