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section 57

prachi jain (105 Points)

26 July 2019

Will deduction under section 57 be allowed to senior citizens?
And if no, for family pension?

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3 Replies

Hitler Parmar (23 Points)
Replied 26 July 2019

Section 57 as a regular monthly amount payable by the employer to a person belonging to the family of an employee in the event of his/her death. Pension and family pension are qualitatively different. The former is paid during the lifetime of the employee while the latter is paid on his/her death to surviving family members However, in case of family pension, since there is no employer-employee relationship between the payer and the payee, therefore, it is taxed as 'Income from Other Sources' in the hands of the nominee(s). In respect of family pension, deduction u/s 57(iia) of ₹ 15000/- or 1/3rd of the amount received whichever is less, is available. Can contact me also