Hello - I am below 60 years old & last year onwards I started received annual pension from the LIC pension plan I had invested in more than 20 years back.
Q - Where do I show this annual pension amount (below 10k) in ITR 2?
I searched and could only find
Income from other sources >> Gross income chargeable to tax at normal applicable rates >> Any other income (Family pension)
Is this correct? I don't think it can be called Family pension, especially since there is exemption also.
Declare it under Salary Category:: pensioner ..Others..
Sir, I am not a pensioner and neither I am working as salaried employee.
I have to use ITR2 because I am director in a company and have income under 'Other Sources'.
This amount is from LIC pension plan which I had taken 20 years back and I received annual payout of 9k.
As such any regular pension received under such plans are assessed under head salary.
If you wish, you can declare it in IFOS ... under Other... (but not under family pension).... only OTHER... i.e. new Tab.
Naveen Fintech Pvt Ltd
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Gupta Sachdeva & Co. Chartered Accountants
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