Tuesday, August 28, 2018

Income Tax on Family Pension

Income Tax on Family Pension

Is Family pension taxed as salary income?​

No, it is taxable as income from other sources.​

As per Section 57 of Income Tax Act :-The income chargeable under the head “Income from other sources” shall be computed after making the following deductions, namely :

—–

(ii)(a) In the case of income in the nature of family pension, a deduction of a sum

i)Equal to thirty-three and one-third per cent of such income or

ii)Rs 15000,

whichever is less.

Explanation.—For the purposes of this clause, “family pension” means a regular monthly amount payable by the employer to a person belonging to the family of an employee in the event of his death ;​​

 

 

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