During FY 2018-19, I have purchased above policy in my wife's name and getting a monthly income of Rs.5000/- as termed as Pension in the above policy. She is not employed and has no other sources of income. My question is this income from above policy of LIC is to be shown against "Salaries" or against "Other sources". This doubt has arisen as if shown against Salaries, it may be construed as this pension is derived out of employment , where as it is only a purchase of LIC policy against a Central Government scheme for Sr.Citizens. Moreover there is no TDS and so no Form 16A by LIC. So while e filing, how to show this income.
Pl advice.
1 Answers
Hi,
Pension is shown under the Head 'Salaries' in Income Tax Return.
As she does not have any other income, she can show the total pension amount of Rs 60,000 under the head Salaries. Her, total tax liability would be zero.
Related article :
Please login or Register to submit your answer