Taxability of LIC pension
This query is : Resolved
25 July 2010
Please let me know tax treatment of pension recd. from LIC?
25 July 2010
Pension Received from LIC-
Lumps Sum Pension -Lumps sum Recd is tax free upto one third (1/3) of the commuted value. (Suppose Fund generated is Rs 600000/- out of this 2,00,000/- can be taken without attracting any tax liablility).Excess lumps sum withdrawal will be taxed under the head " Income From other Sources"
Annuity or Periodical Pension- will be taxed under the head "Income From other Sources"
Lumps Sum Pension -Lumps sum Recd is tax free upto one third (1/3) of the commuted value. (Suppose Fund generated is Rs 600000/- out of this 2,00,000/- can be taken without attracting any tax liablility).Excess lumps sum withdrawal will be taxed under the head " Income From other Sources"
Annuity or Periodical Pension- will be taxed under the head "Income From other Sources"
25 July 2010
agreed
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