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I am a government teacher in Andhra Pradesh. I am covered under contributory pension scheme (CPS). I have savings of ₹1.5 lakh, which include Public Provident Fund (PPF), insurance, Equity Linked Savings Schemes (ELSSs) and CPS. How can I get the extra deduction of ₹50,000 under Section 80CCD(1B)? Can I join NPS separately? Can I contribute individually or can I show the CPS amount under Section 80CCD(1B) and invest more in ELSS under Section 80C?
- Lokesh
You can claim a total deduction of ₹2 lakh under Section 80C and Section 80CCD. It is entirely up to you how you want to claim a deduction on your NPS contributions. You can claim it under Section 80CCD(1B) if you want to invest more in ELSS. Or you can make extra contribution to NPS and claim it under the new Section.
This article was originally published on January 19, 2016.
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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