Amount received by the nominee on the death of assessee from the pension scheme covered u/s 80CCC is taxable?
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Pension received on death
Replies (1)
ACCORDING TO 80CCC :
Where any amount standing to the credit of the assessee in a fund, referred to in sub-section (1) in respect of which a deduction has been allowed under sub-section (1), together with the interest or bonus accrued or credited to the assessee’s account, if any, is received by the assessee or his nominee—
(a) on account of the surrender of the annuity plan whether in whole or in part, in any previous year, or
(b) as pension received from the annuity plan,
an amount equal to the whole of the amount referred to in clause (a) or clause (b) shall be deemed to be the income of the assessee or his nominee, as the case may be, in that previous year in which such withdrawal is made or, as the case may be, pension is received, and shall accordingly be chargeable to tax as income of that previous year.
Thus , YES the Amount received by the nominee on the death of assessee from the pension scheme covered u/s 80CCC is taxable as
(a) surrender value ( lumpsum ) or
(b) pension ( installment )
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