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Investment related


amit kumar   29 January 2020

amit kumar

 1 likes  23 points

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HI..

thanks for such good app for providing valuable information.

Now I m a state government employees
my question related with tax savings

As State governments employees by contributing is going to NPS which emplyeer detected from my salary.

Can i claim such NPS amount against Section 80CCD (2) or need to invest more 50000 to claim it.

however i consumed my 80c savings from other investments like PPF,MF Else and insurance.
kindly clarify me on the same.

avater

Kapadia Pravin   29 January 2020

Kapadia Pravin

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Employer contribution to NPS is deductible upto 50000/- (over and above 150000/-)

Further it is restricted to 10% of Salary.

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avater

Roshni (Studwnt)     29 January 2020

Roshni
Studwnt 
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Extra 50k can be utilised u/s 80ccd(ib)

avater

Abhishek Kumar (Audit Professional)     29 January 2020

Abhishek Kumar
Audit Professional 
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Upto 50k under NPS but not greater than 1.5 L u/s 80c

avater

Roshni (Studwnt)     29 January 2020

Roshni
Studwnt 
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It is over n above 1.5 therefore 1.5+ .5

avater

amit kumar   29 January 2020

amit kumar

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Sir one more thing to clear to me
as a State governments employees my 10% of salary going to NPS which my employer cut and deposit to NPS account i e total amout Rs.65000
So can i claim such 50000 against section 80CCD2B instead of 80C and 80 limit 1.5 lac fill by contribution in PPF, MF ELSS and insurance policy payments , also remaining 15000 NPS which is surplus after clain in 80ccd2b

avater

Kapadia Pravin   29 January 2020

Kapadia Pravin

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I repeat my above reply -
Employer contribution to NPS is deductible upto 50000/- (over and above 150000/-)

Further it is restricted to 10% of Salary.

It's only for Employer's contribution.

avater

amit kumar   29 January 2020

amit kumar

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I read your reply but my i am still not understand , bsc I am not asking for employer contribution i asking for my contribution that employer deducted which i wish not to setoff against 80c limit,

same I wish to set off against 80ccd2b and 80C limit 1.5lac cover through other 80 investment instruments.

so plz clear on the same.

avater

Kapadia Pravin   29 January 2020

Kapadia Pravin

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50000/- additional deduction under 80CCD(2)(b) does not cover Employee contribution meaning contribution in the form of deduction from salary

In the case you will get NPS deduction under 80CCD which is included in 80C max limit of 150000/-

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