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80Ccd
if employee Invest 2lakhs to nps (salary limite of 10% is 140000/-) and how muchnhe can claim under 80ccd ? 1.4 L + 50000 additional or only 1.4L?
Replies (5)
It is 1.4 Lakhs ..
Section 80CCD(1)
- Employee contribution up to 10% of basic salary and dearness allowance (DA) up to 1.5 lakh is eligible for tax deduction.
Section 80CCD(1B) ,
- Additional exemption up to Rs 50,000 in NPS is eligible for income tax deduction.
Total exemption available in present case is Rs.1.90 lakhs.
if employee invest he can claim 1.5 L and 50000 additional and there is no limite applicable by employee investment ,if invest by emoloyer limite of 10% applicable
am i correct ?
No. As per section 80CCD(1) Employee contribution up to 10% of basic salary and dearness allowance (DA) up to 1.5 lakh is eligible for tax deduction.
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