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Pension received from LIC as per LIC's Jeevan Akshay-VI plan is taxable or not

Rijo John (audit manager) (447 Points)

22 August 2020

Pension received from LIC as per LIC's Jeevan Akshay-VI plan is taxable or not. If taxable in which head this income disclosed in ITR

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GNYANA UPANISHAD (156 Points)
Replied 23 August 2020

If it is commuted pension then check gratuity if you are getting gratuity then 1/3 exempted if u are not getting gratuity 1/2 exempted. But here in this case commuted pension from lic so, it is exempted.
in case of uncommuted pension it is fully taxable.

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CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 26 January 2021

@ Rijo John , Annuity received from LIC under the Jeevan Suraksha policy partakes the character of income and will be taxable. You will have to offer it as income from other sources in your ITR.

@ Gnyana Upanishad, Sir you are talking about Salary Pension but here question is about LIC Pension.

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