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Can I use the balance amount under 80C?- Property Hotline
Posted
December 15, 2016
Views
310
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3
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December 15, 2016
310
3
0.97%
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2:51Now PlayingExpert: Vinay Singh, Legal and Tax Expert.
Question: I am a tax payer and have following deductions under Sec 80C. I am coming under NPS and have Rs 59,600 deduction. But other heads completes my Rs 1,50,000 mark. But I have Rs 59,600 under NPS deduction by self can I utilize the balance amount under 80C which comes under NPS to be taken into consideration for additional benefit under Sec 80CCD?
Answer: Deduction is under the overall Rs 1.5 lakh ceiling under Section 80C is upto 10% of the basic salary put into the NPS by the company on behalf of the employee. As per Sec 80CCD(1B), a taxpayer can claim deduction for voluntary contribution of up to Rs 50,000. Claim Rs 50,000 first and then claim Rs 9,600 u/s 80CCD (1).
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