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Investment related

29 January 2020

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.

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8 Replies

Kapadia Pravin (17249 Points)
Replied 29 January 2020

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

Further it is restricted to 10% of Salary.

1 Like

Roshni (Studwnt) (1141 Points)
Replied 29 January 2020

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

(Guest)

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

Roshni (Studwnt) (1141 Points)
Replied 29 January 2020

It is over n above 1.5 therefore 1.5+ .5

amit kumar (26 Points)
Replied 29 January 2020

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

Kapadia Pravin (17249 Points)
Replied 29 January 2020

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.

amit kumar (26 Points)
Replied 29 January 2020

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.

Kapadia Pravin (17249 Points)
Replied 29 January 2020

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/-

1 Like