Will deduction under section 57 be allowed to senior citizens?
And if no, for family pension?
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
prachi jain
(105 Points)
Replied 26 July 2019
ok
Any other expenses will also be not allowed under section 57 for senior citizens??
Any other expenses will also be not allowed under section 57 for senior citizens??
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