Tax treatment on after death benefit received by spouce
This query is : Resolved
04 August 2016
ncome Tax Liabilities of employee's wife on amount recevied on death of her husband.
1) family pension 20000 per month
(2) Death gratutity of Rs. 7 lakhs
(3) Insurance Claim of Rs. 3 Lakh
(4) GPF nomination Amount of Rs. 3.5 Lakhs
(5) if any additional amount received from other Source like interest on deposit on joint account with her husband
I want to know that whether she is
(1) liable to file income tax return
(2) if yes what type of amount on which she is liable to pay income tax
(3) Income tax slabs
(4) is she liable to pay tax on amount received by her OR interest received on deposit / investment of such amount received from her husband's department
1) family pension 20000 per month
(2) Death gratutity of Rs. 7 lakhs
(3) Insurance Claim of Rs. 3 Lakh
(4) GPF nomination Amount of Rs. 3.5 Lakhs
(5) if any additional amount received from other Source like interest on deposit on joint account with her husband
I want to know that whether she is
(1) liable to file income tax return
(2) if yes what type of amount on which she is liable to pay income tax
(3) Income tax slabs
(4) is she liable to pay tax on amount received by her OR interest received on deposit / investment of such amount received from her husband's department
04 August 2016
Death cum retirement gratuity received by the widow of a government employee is exempt. In case of non-government employees, exemption is subject to the provisions of section 10(i). Receipt of insurance and GPF by the widow are exempt u/s 10.
Family pension, interest etc. are taxable as other income. In case of family pension a deduction of Rs. 15,000 or 1/3 of pension received by widow (whichever is lower) is available as deduction u/s 57(iia).
Family pension, interest etc. are taxable as other income. In case of family pension a deduction of Rs. 15,000 or 1/3 of pension received by widow (whichever is lower) is available as deduction u/s 57(iia).
Message likes :
7 times
04 August 2016
Thank You Sir for your precious advice but what about GPF and Insurance claim
04 August 2016
These Income will be show in Salary Head or Other Sources ?
04 August 2016
Family pension is taxable as other sources.
Message likes :
2 times
04 August 2016
If you find my reply useful, please score me through 'like user' option.
Message likes :
1 times
05 August 2016
Sir what About GIS claim & other insurance claim received
05 August 2016
Is all types of Income like PF,GIS claim, Gratuity and other insurance claim show seprately in other source
05 August 2016
And what about Leav Encashment amount
05 August 2016
Leave encashment is exempted u/s 10(10AA). In case of government employee fully exempted. In case of other employees. leave encashment received on retirement or superannuation or otherwise (resignation etc.) is exempted subject to conditions as per section 10(10AA)(ii). Amount received from GIS not an income. Hence, not taxable.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
