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80C for investment under LIC's Varishtha pension Bima Yojana

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 pranesh asked about 3 years ago

Is there income tax rebate under 80C for investment under LIC's Varishtha pension Bima Yojana?

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3 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Bhavya Shah answered about 1 year ago

Income Tax benefit on premium paid under scheme as per section 80 CCC

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Open uri20170510 32134 ng4pv?1494421709 SONIYA answered about 3 years ago

Investment under **Varishtha Pension Bima Yojana ,** does not qualify for any tax deduction under section 80C or 80CCD. Moreover, the pension income is taxable as per the tax slab of the pensioner. However, like any other insurance policy, amount received on the death of the pensioner will be tax-free u/s 10(10D) in the hands of the nominee. Further, there is no deduction of tax at source (TDS) and therefore, no hassle to provide form no. 15G/15H etc. In the budget of 2015, **the Finance Minister Mr. Arun Jaitley has made Varishtha Pension Bima Yojana to be exempt from Service Tax**, i.e. w.e.f. 1st April, 2015 no service will be levied on the premium paid towards this scheme, up to F.Y. 2014-15 this scheme has been attracting a service tax of 3.09% and the investors have been paying this tax over and above their investment amount.

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Picsjoin 2017224123730582 Archana answered about 3 years ago

Hie Pranesh, NO. It’s a Pension Plan introduced by Government of India in association with LIC of India. This scheme is exclusively for senior citizens. Here you need to pay a fixed amount and you will get back a fixed pension amount There is no deduction for it section 80C.

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