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80CCD(1B)

15 July 2017

a salaried employee having income from salary rs. 1140000/- in the F.Y. 2015-16. He has invested an amount of rs. 1,50,000/- in various scheme u/s 80C. He has also invested rs. 35,000/- in NPS in tier-1 and rs. 15000/- in tier -2 claiming deduction u/s. 80CCD(1B). Will he get the deduction u/s. 80CCD(1B)? If. yes, how much amount ???

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (193867 Points)
Replied 15 July 2017

Yes, but only for 35000/- as deposits in Tier I only eligible.

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Anshul Gupta (17 Points)
Replied 15 July 2017

thank you sir

sachin muley (6 Points)
Replied 27 July 2017

sorry won't agree to the solution given above...
Tier 1
Where, in the case of an assessee referred to in sub-section [1], the Central Government or any other employer makes any contribution to his account referred to in that sub-section, the assessee shall be allowed a deduction in the computation of his total income, of the whole of the amount contributed by the Central Government or any other employer as does not exceed ten per cent of his salary in the previous year.
Tier 2
opened by employee, deposit up to 50000 p.a exempted.