Group super annuation - commutation taxability

Viswa nath (Sales professional) (60 Points)

21 March 2019  


1. For LIC Group Super annuation -  contribution paid entirely by employee and there are no employer contribution. Is the whole annual contribution deductible from gross income. (upto 1.5L?). Is it under 80CCC? 

2. Is Super annuation in above case, the 1/3rd commutation taxable during resignation after 5+ years. 

3. Is there any other pension scheme available, which we can contribute individually and  claim deduction under 80CCC.

4. Hope NPS contributions can be reduced from gross  income  80CCD.  Is it eligible under 80C as well?

     If 1.5 lakhs invested in NPS, would be eligible for 1.5L under 80CCD(1)  & 50K  under 80CCD(1b). or 

     should we invest 2L to get rebate of   1.5L under 80CCD(1)  & 50K  under 80CCD(1b)