Family pension received by the family member of a deceased employee from the employer is taxable under the head "Income from Other Sources". What is the standard deduction allowed under Income Tax Act, 1961?

CS Executive · Tax Laws and Practice · PYQS · December 2021
Family pension received by the family member of a deceased employee from the employer is taxable under the head "Income from Other Sources". What is the standard deduction allowed under Income Tax Act, 1961?
(A) 1/3rd of such pension or ₹15,000 whichever is lower.
(B) 1/3rd of such pension or ₹15,000 whichever is higher.
(C) 2/3rd of such pension or ₹15,000 whichever is lower.
(D) 2/3rd of such pension or ₹15,000 whichever is higher.

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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