Mr. Sridhar employed in KL Ltd took voluntary retirement in December 2016 and received ₹ 2,00,000 from National Pension System Trust. The amount so received chargeable to income-tax is:

CS Executive · Tax Laws and Practice · PYQS · December 2017
Mr. Sridhar employed in KL Ltd took voluntary retirement in December 2016 and received ₹ 2,00,000 from National Pension System Trust. The amount so received chargeable to income-tax is:
(A) Nil as 100% is exempt
(B) ₹ 1,20,000 as 40% is exempt
(C) ₹ 1,00,000 as 50% is exempt
(D) ₹ 80,000 as 60% is exempt

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax

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