Tax is applicable for Demise person ( legal heir) Tax is applicable for Demise person ( legal heir)

1 year ago

Our company is planning to provide financial assistance to our one of the (Mr.)employee, who was demise on 8th dec-22.So they have plan to provide Gross salary to her wife.

is it taxable under income tax act ?
under what section?
Is there any limit for it?
is it effect TDS?

Anik

Responded 1 year ago

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A.Dear Client
It is moreover a taxation matter it would be better to get advise from a taxation expert, CA or an Accountant.
Hope it Helps.
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Advocate Simi Paul

Responded 1 year ago

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A.Hi CLIENT,
The pension received by the widower comes under the heading '" other sources" . It is taxable. It is advised to consult a charter accountant/tax consultant.

Thanks and Regards
Simi Paul
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Kishan Dutt Kalaskar

Responded 1 year ago

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A.Dear Sir,
It is a financial matter related to Income Tax, as such u may please contact any Auditor or Tax consultant to avoid insufficient legal advice.
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Subhashis Paul

Responded 1 year ago

A.No the widow wife shall not be taxable under the Income Tax Act as she is out of the scope of Section 56 (2) since the rules framed are as follows:

a) Widow or widower, full retirement age or older — 100% of the deceased worker's benefit amount.
b) Widow or widower, age 60 — full retirement age — 71½ to 99% of the deceased worker's basic amount.
c) Widow or widower with a disability aged 50 through 59 — 71½%.

For further detailed query you should approach a qualified Chartered Accountant or Tax Consultant.
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