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Query regarding family pension from rbi

Kushang Thakkar (Practising) (138 Points)

04 August 2016

One of my client has received family pension from Reserve Bank of India. Her husband was working in RBI. Whether family pension will be taxable in her hand

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193721 Points)
Replied 05 August 2016

It will be taxable under the head ‘income from other source’ .under section 57(iia) a standard deduction shall be allowed to the legal heir @ 33.333% of such pension or Rs. 15,000, whichever is less.