I have purchased last year October 2018 PM Vaya Vandana Yojana policy earning an income of Rs.5000/ pm, investong 7.5 lakhs of my savings, in my wife's name. This income of 5000/ pm can it be shown against her income and claim tax rebate as she is not having any other source of income. She is a Sr.Citizen 64 yrs.
2 Answers
Dear Sir,
If this is her only source of income then her tax liability is NIL.
However, she can still file her Income Tax Return by declaring this Pension income.
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Dear Sir,
In case, you have used your earnings to buy this Pension plan then 'clubbing of income' rules will apply to you.
You can consider the amount here as a GIFT and any taxable income earned on this amount is clubbed to your income and taxable accordingly.
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