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Glossary:

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Secure Your Retirement with Guaranteed Income Plans

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Retire Grand with Flexi Benefits

Guaranteed Lifelong Income Limited premium payment term Multiple annuity options Option to defer the annuity payments

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Retire Grand with Flexi Benefits

Guaranteed Lifelong Income Limited premium payment term Multiple annuity options Option to defer the annuity payments

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Save, Dream, Plan. Live Peacefully

Option to choose premium payment term Get Tax benefits

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Save, Dream, Plan. Live Peacefully

Option to choose premium payment term Get Tax benefits

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Popular Searches

Retirement Calculator Best Retirement Plan Senior Citizen Card Saral Pension Plan NPS Withdrawal Pension4Life Plan Retirement Planning 5 Retirement Tips National Pension Scheme NPS Pension Calculator

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Popular Searches

Retirement Calculator Best Retirement Plan Senior Citizen Card Saral Pension Plan NPS Withdrawal Pension4Life Plan Retirement Planning 5 Retirement Tips National Pension Scheme NPS Pension Calculator

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Popular Searches

Types of Pension Plan Guaranteed Pension Plan Is Pension Taxable How to Check Old Age Pension Status Benefits of Pension Plan How GST Applies to Pension Plan?

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Popular Searches

Types of Pension Plan Guaranteed Pension Plan Is Pension Taxable How to Check Old Age Pension Status Benefits of Pension Plan How GST Applies to Pension Plan?

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Popular Searches

Tax Planning for Retirement Types of Retirement Plans Guaranteed Pension Plans Retirement Income Plans

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Popular Searches

Tax Planning for Retirement Types of Retirement Plans Guaranteed Pension Plans Retirement Income Plans

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Fixed Returns, Zero Risks & Worries

4 Plan options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Retirement - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Retirement - Top Selling Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Is a Commuted Pension Taxable?

Pension received without gratuity: 50% of your commuted pension is exempted from income tax.

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Taxability of Commuted and Uncommuted Pension

If you do not work for a government body or corporation, you will be taxed as follows: If you receive gratuity along with your pension, the tax exemption is equal to one-third of the commuted pension. If you do not receive gratuity along with your pension, the tax exemption is equal to one-half of the commuted pension.

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Is a Commuted Pension Taxable?

Pension received along with gratuity: One-third of the commuted pension is exempted from tax, while the remaining two-thirds will be taxed like salary when received.

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Taxability of Commuted and Uncommuted Pension

If you do not work for a government body or corporation, you will be taxed as follows: If you receive gratuity along with your pension, the tax exemption is equal to one-third of the commuted pension. If you do not receive gratuity along with your pension, the tax exemption is equal to one-half of the commuted pension.

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What if You Receive a Pension as a Family Member?

For example, if a family member receives a pension of ₹1.2 lakh in a financial year, the exemption available will be the lower of the two (₹15,000 or 1/3 of 1,20,000 = ₹40,000). Hence, the exemption is ₹25,000, and your taxable income will be ₹95,000.

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Tax on Pension Received by Family Member

For example – If the pension is Rs 100,000, the exemption available lower of Rs 15,000 and Rs 33,333 (1/3rd of Rs 1,00,000).