Any one help me to clear my doubt, i allerady posted in forum but i ddnt get answer, my question is penstion received by family menbers is taxable under sec.56 and deduction is available under sec. 57 i.e Rs. 15000/- or 1/3 of such pension which ever is low. if pension is commuted, then what about tax treatmnet in the hands of legal heirs?
Menu
Pension income taxability?
Replies (1)
Dear Miss. Swathi,
If commuted pension belongs to government employee, it is fully exempted in the hands of deceased employee's successors. In other cases it is chargeable to tax subject to exemptions!
Regards,
P. Karthika
Recent Threads
- INTRADAY INCOME PRESUMPTIVE INCOME
- Clarification on Deemed Export Status for EOU-to-E
- LTCG Tax on property
- Short term gain in itr2, missing 111A
- Errors in ITR Filing: Minimum One Character Requir
- Which ITR Opt
- Employer Details for NRI
- Section 194C or 194J apply in survey fee to determ
- Accidental Switch to New Regime using Form 10-IEA
- Should I file Revised Return U/S 139 (5)?
Related Threads
CAclubindia
