Taxability of commuted pension
Murali Rotti Sathyanarayana (Manager of Accounts) (154 Points)
24 July 2018Murali Rotti Sathyanarayana (Manager of Accounts) (154 Points)
24 July 2018
rama krishnan
(12234 Points)
Replied 24 July 2018
Viswa nath
(Sales professional)
(60 Points)
Replied 31 December 2020
Sir,
Is 1/3 commutation (receiving gratuity) taxable for LIC Group Super annuation - (contribution paid entirely by employee only) . Resigned from Private firm after 10+ years of contribution to the fund.
LIC has deducted 30% tax on my commutation. (say 1 Lac Tax levied on 3 lacs commuted pension)
Can I show the entire Commutation [3 Lacs] under ITR-2 > EI Sheet > Other Exempt income.. & claim refund.
Kindly reply as due date is nearing. Thanks.