29 December 2011
My client received pension under Employee Pension Scheme. Please tell me whether the same is taxable or 1/3 is taxable under the hear Income from House Property?
31 December 2011
STANDARD DEDUCTION FOR FAMILY PENSION U/S.57(iia): An amount of Rs.15,000 or 33&1/3% of family pension whichever is less is allowed as deduction. If an assessee receives arrears of family pension, then Relief u/s.89(1) can be claimed by him.
Family Pension received by the widow or children or nominated heirs, as the case may be, of a member of the armed forces(including para-military forces) of the union, where the death of such member has occurred in the course of operation is exempt.
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