Hi Buddy,
To answer your query about whether pension received from LIC is taxable or not, I would like to say that it depends on the LIC plan that you have opted for. Taxes are not due on any money received through pension commutations from the Jeevan Suraksha and Jeevan Nidhi Annuity schemes.
Invest your pension amount in properties with NoBroker for better future returns. Let experts at NoBroker help you with due diligence on property deals.If pension and interest income is a senior citizen's only annual source of income, it has been suggested that they be excluded from submitting income tax returns. The recently added Section 194P requires banks to withhold taxes from senior citizens over 75 who receive pensions and interest income from the banks.
Is pension from LIC taxable?Your income tax return will tax your pension under the heading of head salary. Pensions are normally paid out on a monthly basis. However, you have the option of choosing a lump sum payment (also known as a commuted pension) in place of regular payments for your pension.
Pension from LIC is taxable under which head?
Any pension payments made on annuities you bought directly from insurance companies are subject to taxation under the heading "Income from Other Sources" and are therefore ineligible for the standard deduction.
I would like to conclude here as I believe this suffices your query about whether pension received from LIC is taxable or not. I hope this helps:)
Read More:
Is commuted pension taxable in India? Is Family Pension Taxable What is Uncommuted Pension Means?Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
Authors Of The Question
Is Pension from LIC Taxable?
Samantha
72Views
2 Year
2022-09-09T16:40:06+00:00 2022-09-09T16:40:07+00:00Comment
1 Answers
Share