Is standard deduction of 40,000 applicable for family pensioners too? (BUDGET 2018)

Q & A ForumCategory: Tax PlanningIs standard deduction of 40,000 applicable for family pensioners too? (BUDGET 2018)
Bhas asked 8 years ago
Is standard deduction of 40,000 applicable for family pensioners too?
1 Answers
Sreekanth Staff answered 8 years ago
Hi, As long as the income falls under the definition of ‘Salary’, I believe that standard deduction can be claimed..
Annuity income and pension income falls under the head ‘income from salary’. However, family pension falls under the head ‘income from other sources’. So, a family pensioner may not be able to claim Standard deduction of Rs 40k for FY 2018-19 or AY 2019-20. Related Article : Rs 40,000 Standard Deduction from FY 2018-19 | Does it really benefit the Salaried?    
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