Individual invested in LIC pension plan. under which section deduction is allowed??
whether pension received from the same scheme is taxable??
Pension plan is deducted u/s 80CCD
It is taxable
4 Replies
Kapadia Pravin
(17264 Points)
Replied 11 January 2021
Individuals can contribute to National Pension Scheme (NPS) and claim an additional tax deduction of up to ₹50,000 under Section 80CCD(1B) of the Income Tax Act.
The deduction is exclusive to NPS contributions and LIC plans do not qualify for tax deduction under this section.
The deduction is exclusive to NPS contributions and LIC plans do not qualify for tax deduction under this section.
ayusmita
(Tax consultant)
(5885 Points)
Replied 11 January 2021
What is the lic pension plan name means under which policiy??
Kapadia Pravin
(17264 Points)
Replied 11 January 2021
There are many pension plans of LIC such as Jeevan Akshay, Jeevan Dhara etc
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