Freedom Fighters' Pension - Taxable?
A Ninety year old Freedom Fighter asked me whether the pension received by freedom fighters is exempted from Income Tax and if so by what Section/Rule/Notification. I was stuck. There seems to be an exemption but where do you find it? A search in the web resulted in the following in a reputed site of CAs.
Question : Whether the pension received by freedom fighters is exempt from tax???
If yes, please mention the relevant Section.....Answer : No. It is taxable.
It is shocking to even think that freedom fighters pension will be taxed. Assuming that a freedom fighter was 20 years old when we got freedom in 1947, the youngest freedom fighter would today be 82 years old and certainly there are not many of them alive.
Apparently some freedom fighters and some consultants are not correctly informed. So our TIOL Research Team took up the task of finding the precise position of law in this regard and the result is today's TIOL TOP, humbly dedicated to all the freedom fighters who struggled to achieve freedom for this country in this month sixty two years ago.