Employee change his job from 1st Employer to 2 Employer. at that time he got superannuation fund. 2nd Emp does not maintain superannuation fund. so Employee decide to withdraw the fund. Two payment received from the fund (1) lumpsum amount and (2)fixed annuity at each month thereafter.
Its clear that Annuity is taxable. (a)But what about the taxability of Lumpsum amount received at the time of changing the job.
and (b)whether changing the job can be termed as volunteer retirement?
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