The 80CCD (1B) deduction of up to Rs 50,000 is reserved for investment in NPS Tier-1 account
20-Jan-2017 •Research Desk
Are the premiums of LIC New Jeevan Suraksha scheme eligible for deduction u/s 80CCD(1B)?
No. The section 80CCD (1B) deduction up to Rs 50,000 is exclusively for investment in NPS (National Pension Scheme) Tier-1 account. This is over and above the 80CCC limit of Rs 1.5 Lakh. The premiums of any insurance and pension plans will get tax deduction benefit under section 80CCC.