Hi,
An armed force men retired from the army and joined in the bank as a security, he receives two pension one from the army and other from the bank. Now he died, both the pension received by his spouse. What is the income tax consequences in the hands of spouse?.
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Pension Income
Replies (1)
Family pension received by the dependence of the employee is taxable under the head income from other source.
Pension received by family members of Armed Forces is also exempt
d. TDS is not deductible on family pension as it is not covered under section 192 of the Income tax act
What is the tax treatment for family pension received by the legal heirs of a deceased employee
It will be taxable under the head ‘income from other source’ .under section 57(iia) a standard deduction shall be allowed to the legal heir @ 33.333% of such pension or Rs. 15,000, whichever is less.
Pension received by family members of Armed Forces is also exempt
d. TDS is not deductible on family pension as it is not covered under section 192 of the Income tax act
What is the tax treatment for family pension received by the legal heirs of a deceased employee
It will be taxable under the head ‘income from other source’ .under section 57(iia) a standard deduction shall be allowed to the legal heir @ 33.333% of such pension or Rs. 15,000, whichever is less.
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