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Salary income + family pension
Sita (govt employee) aged 45 years are earning a salary of ?4,50,000/- yearly and she is also in receipt of family pension of ?1,44,000/- yearly.
How the tax liability will be calculated ?
under section 57 family pension is deductible ?15,000/- or 1/3rd of such inc
Replies (1)
Under Section 57(iia) of the Income-tax Act, 1961, a standard deduction to the extent of 1/3rd of the (Uncommuted) family pension or Rs 15,000, whichever of the two is lower is allowable.
So, net amount of 1.29 L of pension amount will be added to taxable income under 'Income from Other sources.'
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