Wife of SG employee
Akhil (Student CA ) (1005 Points)
01 August 2024
wife (widow) of SG employee rcvd monthly 50k pension( form 16 also issued)....whats the tax treatmnt...
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 01 August 2024
In the case of family pension, one-third of such income or Rs 15,000, whichever is less, is allowed as a deduction. For example, if a family member receives a pension of Rs 50,000, the exemption available is Rs 15,000 or Rs 16,660 (1/3rd of Rs 50,000), whichever is less. Therefore, the taxable family pension will be Rs 50,000 - Rs 15,000 = Rs 35,000.
Akhil
(Student CA )
(1005 Points)
Replied 01 August 2024
@ dhiraj sir....she rcvd around 6lacs p.a(monthky 50k)....isnt that called commuted pension and consider it as exempt??
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 01 August 2024
No, it is paid regularly every month, so family pension.
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