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Monthly Pension receiving from LIC
One of my friends father has been receiving monthly pension from LIC Pension Scheme , whether it is taxable or exempt ?
Replies (2)
Section 80CCC of the Income Tax Act of 1961 provides deductions of up to Rs. 1.5 lakhs per annum for contributions made by an individual towards specified pension funds that are offered by a life insurance. The deduction is within the limit of section 80C.
Uncommuted pension received regularly is taxable.
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