Wife of SG employee
Akhil (Student CA ) (1005 Points)
01 August 2024
wife (widow) of SG employee rcvd monthly 50k pension( form 16 also issued)....whats the tax treatmnt...
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(194733 Points)
Replied 01 August 2024
In the case of family pension, one-third of such income or Rs 15,000, whichever is less, is allowed as a deduction. For example, if a family member receives a pension of Rs 50,000, the exemption available is Rs 15,000 or Rs 16,660 (1/3rd of Rs 50,000), whichever is less. Therefore, the taxable family pension will be Rs 50,000 - Rs 15,000 = Rs 35,000.
Akhil
(Student CA )
(1005 Points)
Replied 01 August 2024
@ dhiraj sir....she rcvd around 6lacs p.a(monthky 50k)....isnt that called commuted pension and consider it as exempt??
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(194733 Points)
Replied 01 August 2024
No, it is paid regularly every month, so family pension.
Recent Topics
- Clarification on Rectification of RCM Invoices in
- Excess of ITC refund
- Business Income or Other Income Conundrum
- Individual owned commercial property
- Regarding Eb bill
- IT on mutual fund dividend post retirement
- Medical expense of parents
- Amnesty Scheme for Kerala Flood Cess
- ITC on Building Hotel
- Taxable advice from gift received
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
