(B) Deduction In Respect Of Contributions To Certain Pension Funds—Section 8OCCC

 

A deduction upto Rs. 1.5 Lakh would be allowed to an individual, within the combined overall limit of ` 1.5 Lakh provided in Section 80C in respect of any contribution made towards a new personal-cum family pension scheme of LIC. The amount of pension received in the hands of the contributor or the nominee shall, however, be taxable but the commuted amount received on maturity of the scheme would be totally exempt from income tax.

Thus, the total deductions under Section 80C and 8OCCC combined will be only 1,00,000 as per Section 8OCCE.

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