Income tax liabilities of employee's wife on amount recevied on death of her husband.
neeru sharma
(Querist) 20 July 2012
This query is : Resolved
Income Tax Liabilities of employee's wife on amount recevied on death of her husband.
1) family pension 40000 per month
(2) Death gratutity of Rs. 4 lac
(3) Insurance Claim of Rs. 6 Lac
(4) GPF nomination Amount of Rs. 7 Lac
(5) Levencachment amount of Rs. 3.lac
(5) if any additional amount received from other Source like interest on deposit
I want to know that whether she is
(1) liable to file income tax return
(2) if yes what type of amount on which she is liable to pay income tax
(3) Income tax slabs
(4) is she liable to pay tax on amount received by her OR interest received on deposit / investment of such amount received from her husband's department
A V Vishal
(Expert) 20 July 2012
1) family pension 40000 per month
Ans.It is taxable in the hands of recipients under section 56 under the head “income from other sources”. Standard deduction is available under section 57 which is 1/3 of such pension or Rs. 15000, whichever is lower.
(2) Death gratutity of Rs. 4 lac
Ans. Not Taxable
(3) Insurance Claim of Rs. 6 Lac
Ans. Not Taxable
(4) GPF nomination Amount of Rs. 7 Lac
Ans. Not Taxable
(5) Levencachment amount of Rs. 3.lac
Ans. Not Taxable
(5) if any additional amount received from other Source like interest on deposit
Ans. Taxable
A V Vishal
(Expert) 20 July 2012
(1) liable to file income tax return
Ans. Yes
(2) if yes what type of amount on which she is liable to pay income tax
Ans. As discussed in the earlier post.
(3) Income tax slabs
Ans. incomplete details regarding income and age of the woman.
(4) is she liable to pay tax on amount received by her OR interest received on deposit / investment of such amount received from her husband's department
Ans. Query not clear.
