As a central government employee, my investment in tier I is fixed. Let us say it is ₹80,000in a year. My other savings for tax exemption purpose in NSC, PPF etc are ₹1 lakh. That means the total saving is ₹1.8 lakh. Can I split my 80 thousand saving in NPS in 50 thousand (under 80C) and rest 30 thousand (under 80CCD) so as to get advantage of 30 thousand tax exemption under new rule under section 80CCD?
- Nitin Prakash
Yes, you can invest up to ₹50,000 over and above ₹1.5 lakh deduction allowed under Section 80 C of the Income Tax Act.
This article was originally published on August 06, 2015.
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