L.I.C. pension is received. the assessee is not a L.I.C. agent.
under which head it is chargeable to tax or
it is exempt from tax
CA Hardik Bunha (self) (2121 Points)
27 December 2012L.I.C. pension is received. the assessee is not a L.I.C. agent.
under which head it is chargeable to tax or
it is exempt from tax
Durga Prasad
(Trainee)
(392 Points)
Replied 27 December 2012
I think If it's received in lumpsum then it is exempted but if it's received monthly/periodically then it is taxable, and you can show it as other source of income, as you can't show it as salary.
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