Pension From LIC

If its the pension recd on expiry of policy..., than taxability depends on policy

Hi

The pension received from LIC is taxable under Income from Other sources.

This being a family pension, deduction of Rs.15000 per annum or 33 1/3 % which is lower is

eligible as standard deduction

section is 57

 its taxable

I suppose this question is raised due to the question given in PCC taxation paper.

As per LIC India website. Any amount paid to Jeevan Suraksha Scheme is fully exempt u/s 80CCC

Hence pension received on it is taxable.

In case if the pension is commuted then it is exempted u/s 10(10A)

So I think it is taxable 

Here is the link 

It's taxable without any deduction (Family Pension deduction cited above is not available.)

Dear in the Same manner we availed the deduction under section 80C payment to lic for life insurance  but at the the time of Receiving ,the Balance is fully exempted.

Dear Praveen the pension is exempted under section 10(10A) when the relation of payer and payee is employer and employee.  This is not for other pensions.

IT IS  TAXABLE

as per 80-c any sum of money in form of pension  received from LIC will be taxable under EET method .hence amount will be taxed under other source

yes it is taxable

WHAT IF IT IS WRONGLY TAKEN UNDER THE HEAD SALARY .

as there is no employee employer relationship in this case, it cannot be charged in salaries.