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
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Family pension
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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.
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