- Meaning: Family Pension means pension received by the family members of the deceased employee.
- Taxability: It is chargeable to tax under the head “Income from other sources”.
- Deduction u/s 57: Least of the following is allowed as deduction-
- 33 1/3% of gross deduction
- 15,000
- Exemptions:
- Family pension received by family members of Army personnel who are the recipient of Gallantry awards.(Sec. 10(18))
- Family pension received by the widow or children or nominated heirs of a member of the armed forces whose death has occurred in the course of operational duties.
