I received a lumpsum from my superannuation fund (part) last year. The remaining, I am now getting a monthly amount. Is that taxable? Where do we show this in the IT form?
Hi @Suresh_KV,
As per the Income Tax Act, 1961 and in my understanding,
If the lump-sum amount received was less than or equal to 1/3rd of the total fund then it will be exempt from income tax.
Also if you converted the remaining balance into an annuity scheme then the amount received as annuity will be exempt as well.