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  1. Miltoni

    Miltoni New Member

    Dear Sir,

    I am paying income tax for the first time, so i have many queries

    1) my nps contribution is 4061.20 pm.
    2) i have an lic policy paying a premium of rs. 35015 per year.

    Under wat circumstance can i claim the additional 50000.00 deduction from nps? Just because i am contributing 4061.20 does it mean i can claim exemption for (4061.20* 12)

    I want to open a tax saving fixed deposit scheme for 5 years. How much should i keep in it keeping in mind the above 1 & 2?
  2. Karan Batra

    Karan Batra Well-Known Member

    1. Yes, you can claim deduction of 4061*12 simply for depositing money in NPS Account
    2. You can also claim deduction for paying LIC Premium
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