Family pension and stipend for no job

Both are taxable under the hear income from other sources

out of amount receive 15000 or 1/3 of amount (annual) is exempt and rest is taxable.

Dear Sir,

Both the incomes are taxable. In case of family pension, you can claim exemption on annual basis which is Rs.15000 or 1/3 of the total annual pension whichever is less received by your mother. You need to show the entire income under the head Income from other sources after deducting the amount of exempt income and show the exempt income under the head exempt income. Please use ITR-1 under e-filing section.

Thanks

Hi

This would be part of income from other sources. You can include such receipts as income under the head Other sources and file income tax returns accordingly.

Further, you can claim an annual exemption in respect of family pension of lower of the following-

1. Rs. 15000, or

2. 1/3rd of pension

Stipend and Family pension is taxable as income from other sources and a standard deduction of 1/3rd of pension or Rs 15,000 whichever is less is allowed from the family pension.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

Hi,

Both these items are taxable and you can disclose them under income from other sources. However you can claim a standard deduction of one- third of pension amount or Rs 15,000 whichever is less.

Hope that clarifies.

Regards,

Nikhil

Since you have not shared the full details regarding the nature of family pension, I can only provide you reply from the point of view of taxability in general. The family pension is taxable and stipend is taxable under the head other sources. You will have to show both the elements of income under that head only.

You should file ITR 1.

The last date to file return is today.

Select return filing as "After Due date" in return form.

You need to verify both the returns.

Hi,

Make sure, you are selecting the correct section for return filing on the personal information tab.

You will have to select belated return u/s 139(4).

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com

USE ITR 1 AND SECTION 139(4)

Under the section option "select on or after due date 139(4)". To day is last date of filing ITR for the A.Y. 2017-18.

You can file ITR1 U/S 139(4).

Today is the last day to file the return for AY 2016-17.

Regards,

Nikhil.

The due date for filing the returns till AY 2017-18 have ome to an end with March 31, 2018.

Now the new deadlines have become effective for the returns pertaining to AY 2018-19 and so on.

Thanks

Damini

verify both the returns.

Yes, you need to verify original as well as revised return.

You will need to verify the original as well as the revised return.

Hope that clarifies

Hi

You have to verify both the returns.