ITR clarification

Hi, I can assist you in return filling on your behalf. Pl clarifty if you have any other income as well

Yes, I can help you in understanding as well as return filling.

The Gratuity received after death of your wife is taxable under Income from oter sources in your hand. However, you are also eligible for exemption upto Rs 300000 u/s 10(10). However, if she is Government employee it is fully exempt

Gratuity exemption is taxed for the receiver under the head ‘Income from Other Sources’.

The least of the following is exempt from Tax:

1. Half month’s salary for each completed year of service. While calculating completed years, any fraction of a year shall be ignored.

2. Rs 10,00,000

3. Gratuity actually received

PF is not taxable in your hands. Pension income will be taxable in your hands.

Hope this clarifies.

Dear Sir,

1) In respect to gratuity amount, least of the following is exempt from tax.

a) Actual gratuity received, OR

b) 15 days salary for each completed year of service ,OR

c) Rs.10,00,000

2) In respect to Pension, pension received by you will be taxable in your hands as Family pension which is exempt from tax i.e. (33.33% of pension or 15,000 whichever is less) and the remaining if excess will be taxable.

3) PF amount is fully exempt.

When your wife left for heavenly abode?

Thanks

Hi,

With respect to the taxability of PF amount received, the same is not taxable if she has been in employment for continuous period of 5 years. It is not necessary that the employer should be same.

If the above condition is not fulfilled, then the same shall be taxable.

Thanks

Damini.

is it EPF? or PPF?

Hi,

Kindly clarify the amount in details what you receive presently per month.

As per the information provided, if you receive pension (whether yourself or on behalf of your wife), the same shall be taxable in your hands at the slabs applicable to you. If you are a senior citizen, then same slabs will apply.

Also, PF, Gratuity, etc. are taxable for which detailed information is required.

Regards,

Hi,

Pension is taxable as per slab rate.

Provident fund is exempt.

Gratuity is exempt to the extent of the least of the below:

1. Rs. 10 lakhs

2. Last drawn salary x number of years in employment x 15/26

3. Actual gratuity received

All the above will be taxed in your hands as Income from Other Sources.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Hello,

Please provide the exact amount that you have received and under which statute to help calculate the taxes if any.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP