Monday, June 18, 2018

No standard deduction on family pension

Whether Rs 40,000 allowed as standard deduction for employees and pensioners also applicable for family pensioners?

A deduction of Rs 40,000 would be allowable against the income which is taxable under the head “Salaries”. The family pension is normally received after the death of an employee. Deduction of Rs 40,000 would not be allowable in respect of family pension of such a nature as such income is taxable under the head “Income from other sources”

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