Section 80CCD
DEEPANSH JAIN (30 Points)
19 September 202080C - 77,994
80CCC - 15,820
80CCD(1) - 62,138
now if he contribute further 40,000 in Pension scheme of central government.
Will he be eligible to claim deduction u/s 80CCD(1B) ?
DEEPANSH JAIN (30 Points)
19 September 2020
Deepak Gupta
(CA Student)
(15922 Points)
Replied 19 September 2020
80CCE: Limit on deductions u/s 80C, 80CCC & 80CCD(1): Agregate amount of 1.50 lakh
So, as per given amounts, it comes to 1,55,952. So, it will be restricted to 1.5 lakh
Further, 80CCD(1B) is additional deduction of upto 50k for deposit in NPS A/c (Tier-I), irrespective of 80CCD(1) and it is not subject to 80CCE Hence, he can claim 40k.
Therefore, total deduction would be 1.5 lakh + 40k = 1.90 lakh
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 20 September 2020