Pensioners too can claim standard deduction of Rs 50,000

I am a retired person earning only pension income. Can I claim the standard deduction in respect of the pension income? 
– CK Arora

The Finance Act, 2018 had amended the Section 16 of the Income-tax Act, 1961 ('the Act') to provide that a taxpayer having income chargeable under the head 'Salaries' shall be allowed a deduction of Rs 40,000/- or the amount of salary, whichever is less, for computing his taxable income. This threshold for a standard deduction has been raised from Rs 40,000 to Rs 50,000 vide interim budget, 2019.

As pension income forms a part of the salary income, the taxpayer shall be entitled to claim a deduction under Section 16 of the Act.

I and my son are earning rental income from a house jointly held by us. Only I am the one taking the rental income and not my son, should my son show it in his tax returns? I am a retired person and my income is below the taxable limit. 
– PK Aggarwal

The Income Tax Law provides to tax share of each person in the income from jointly owned house property in case the shares of the co-owners are definite and ascertainable. Thus, you will have to compute income from house property separately for yourself and your son, in case the shares are definite and ascertainable.

Chirag Nangia, Director, Nangia Advisors (Andersen Global)

Clear your doubts with regard to general insurance. 
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