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?
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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
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