In our client case she receives Rs.7,00,000 cheque as commuted as 1/3rd of pension in FY 2011-12.
what amount should be exempted????
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Exemption of commuted value
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pension exempted as under
uncomuted pension=total taxable
commuted pension=1/2*total pension if gratuity not received or 1/3 of total pension if gratuity received
so calculate........
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