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POSTED BY ON November 30, 2011 9:39 pm COMMENTS (4)
in 2007 january after my mother death…mughe unke pension account jo ki uco bank me tha ka paisa mughe mil gya karib 6.5 lakh…and 2007 jan to 2008 july tk mughe family pension bhi mila karib 2.4 lakh…jiska total hota hai…890000..
main ye janana chahta hun ki kya is amount par mughe kisi trh ka koi tax dena hoga…?
main ek govt. employ hun…aur main is paise se property buy and sell ka kam start krna chahta hun..to kya main ye kam kr skta hun…sabhi tax ko pay krte hue…?????
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Dear Akhilesh, as long as you are not violating the service rules of your employer, you may invest in properties & make profits.
Thanks
Ashal
Dear Akhilesh Prasad, as the 6.5L Rs. amount was the saving in the UCO bank account, the same ‘ll remain tax free as you received it as inheritance money.
The family pension received by you 2.4L Rs. ‘ll be taxable in the financial year of receipt with your income from all other sources & taxed accordingly with the standard deduction of 15000 Rs. i.e. 2.25L Rs. ‘ll be added to your income.
Thanks
Ashal
thnx ashal jauhari…..
some other question for you…!!
main ek govt. employ hun…aur main is paise se property buy and sell ka kam start krna chahta hun..to kya main ye kam kr skta hun…sabhi tax ko pay krte hue…?????
govt. employ hone ke karan mughe koi problem to nhi aayegi…? agr main capital gain tax pay krta rhunga to…??
Dear Akhilesh Prasad, Please clarify that 6.5L Rs. was deposit in the pension account maintained with the UCO bank or was it any lump sum payment?
Regarding the Family pension – It’s taxable under section 56 adjusted for standard deduction of 33.33% or 15000 Rs. which ever is less. In your case as you received around 2.4L Rs. as family pension, hence you may claim only 15000 Rs. as standard deduction. Remaining 2.25L Rs. ‘ll be added to your income from all other sources in FY 2007-2008 & ‘ll be taxed accordingly.
Thanks