Please tell me LIC Monthly Pension Received is Taxable or Tax Free ? If taxable than whether any deduction available and if tax free than under which section.
Thanks.
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 24 June 2018
Uncommuted pension received by retiree from superannuation fund, is taxable under head 'salary', subject to standard deduction of Rs. 40,000/- (from AY 2019-20)
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