Whether Pension Received from LIC is Taxable or Non Taxable. If yes then under which section it is taxable?
20 Replies
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 19 November 2009
If its the pension recd on expiry of policy..., than taxability depends on policy
UMAKANTH
(Student)
(64 Points)
Replied 19 November 2009
Hi
The pension received from LIC is taxable under Income from Other sources.
This being a family pension, deduction of Rs.15000 per annum or 33 1/3 % which is lower is
eligible as standard deduction
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 19 November 2009
its taxable
praveen
(Chartered Accountant)
(6971 Points)
Replied 19 November 2009
I suppose this question is raised due to the question given in PCC taxation paper.
As per LIC India website. Any amount paid to Jeevan Suraksha Scheme is fully exempt u/s 80CCC
Hence pension received on it is taxable.
In case if the pension is commuted then it is exempted u/s 10(10A)
So I think it is taxable
Here is the link
CA Nitin Wadhwani
(Chartered Accountant)
(4469 Points)
Replied 19 November 2009
It's taxable without any deduction (Family Pension deduction cited above is not available.)
CA Sumit Arora
(CA)
(1411 Points)
Replied 19 November 2009
Dear in the Same manner we availed the deduction under section 80C payment to lic for life insurance but at the the time of Receiving ,the Balance is fully exempted.
CA Sumit Arora
(CA)
(1411 Points)
Replied 19 November 2009
Dear Praveen the pension is exempted under section 10(10A) when the relation of payer and payee is employer and employee. This is not for other pensions.
MANOJ CHANDRA SHARMA
(JOB)
(59 Points)
Replied 19 November 2009
as per 80-c any sum of money in form of pension received from LIC will be taxable under EET method .hence amount will be taxed under other source
XYZ.....
(-)
(516 Points)
Replied 20 November 2009
WHAT IF IT IS WRONGLY TAKEN UNDER THE HEAD SALARY .
Y.N.Vinod
(Consultant - Risk Advisory Services)
(98 Points)
Replied 20 November 2009
as there is no employee employer relationship in this case, it cannot be charged in salaries.
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