Income tax on pension

This query is : Resolved

NITIN (Querist)
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10 October 2011 Dear Sir,
I am a foji and I take retirement from army and I received a compensation/pension Rs. 300000 in FY 2009-10 and also received monthly pension Rs. 6500, and also I have a income from HP Rs 10000 per month. so How to calculated my Income tax on the above income and what is U/S-57?

Pl explain me.....

Thanks

CA.E.Deepan Chakravarthy

CA.E.Deepan Chakravarthy (Expert)
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11 October 2011 Commuted pension (Rs.300,000) is exempted
Uncommuted pension(Rs.6500 per month) is taxable under head salary = (6500*12) = 78,000/-
House property = (10,000*12) 120,000-36,000(for repair 30% of 120,000)
= 84,000/-
Total income is Rs. 162,000/- You have to pay 206/- as a income tax.
If you have paid any LIC, school fees for you children etc., it can be claimed as deduction.
I assumed that your age is below 65 years
Section 57 talks about deduction of expenses against other source income.