Dear Tax Experts,
I have the following query : -
NPS Tax Benefits are available if we open NPS Tier 1 Account. Tax benefits are available as follows : -
Sections 80CCD(1) : - Max Investment Upto Rs 150000/-
80CCD(2) (1B) : - Max Investment Upto Rs 50000/-
Total Contribution under Total deduction under section 80C, 80CCC, and 80CCD (1) (except contribution by assesse under section 80CCD (1B) & contribution by employer) cannot exceed Rs. 1, 50,000.
My question is as follows : -
If I invest Rs 150000/- under Section 80C and then invest Rs 50000/- in NPS then can I directly claim deduction of Rs 50000/- under Section 80CCD(2) (1B)
or
do I have to mandatorily first invest Rs 150000/- in NPS under Sections 80CCD(1) and then invest Rs 50000/- additional in NPS to claim benefit under Section
80CCD(2) (1B).
My question is so because I want to invest Rs 50000 only in NPS and claim additional deduction under Section 80CCD(2) (1B). So can I do so.
With Regards,
A Novice User
CAclubindia
