If one person is getting two pensions, one for himself and one for family pension, will he get any exemption?
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Quick Summary
This discussion clarifies tax implications for individuals receiving two pensions, one personal and one family pension. While a standard deduction is typically available for the personal pension under salary income, the family pension is treated as income from other sources. A specific exemption applies to family pensions, allowing for the deduction of ₹15,000 or one-third of the pension received, whichever is less. Both pensions need to be declared and taxed accordingly.
One pension which he get himself is shown under salary will get standard deduction on it the second one family pension will shown under income from other sources rs 15000 or 1/3rd of family pension received whichever is less is exempt from tax