Will UPS subscriber or spouse have to pay income tax on withdrawals or family pension?

The Department of Financial Services clarifies the tax implications of the UPS scheme, including family pensions, partial withdrawals, and monthly payouts. Withdrawals up to 60% of the corpus at retirement are tax-exempt, while family pensions are taxed as 'Income from other sources.' Monthly pensions are considered 'Salaries' and subject to income tax, as per DFS FAQs.

from Tax-Wealth-Economic Times https://ift.tt/xrQeuUb