Provisions for family pensions says that it is taxable under income from other sources. However a deduction of 1/3 of pension or 15000 whichever is lower is allowed. I want to know how to treat if received family pension is below 15000. Say if someone receives 12000 p.a. then does this whole pension is exempted or 1/3 of this??
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Taxable family pension
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1/3rd of 12000 is exempt
One third of 12K i.e. 4000/- exempted........ & 8000/- taxable.........
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