My query is about Pension Plans such as LIC Jeevan Shanti.
I want to opt for deferred annuity during my lifetime and nominate my son to receive the entire invested amount after me.
He will not receive any annuity.
Will the lumpsum so received by him be taxable in his hands?
I understand that annuity is taxable as and when it is received by anybody. I just need clarity on whether lumpsum amount is taxed as well.
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