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

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Hello, Let me clarify first that the there is no REBATE under 80 C, there are **DEDUCTIONS **under** 80 C** . `**Deduction for contribution to certain Pension Funds is available u/s 80 CCC**`. You can avail this deduction. Deduction can be claimed to the max of 1 lakh if all the conditions are satisfied. **So you can avail deduction for this under 80CCC** Provisions in regard are : Deduction in respect of contribution to certain pension funds. **80CCC.** (1) Where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India or any other insurer for receiving pension from the fund referred to in clause (23AAB) of section 10, he shall, in accordance with, and subject to, the provisions of this section, be allowed a deduction in the computation of his total income, of the whole of the amount paid or deposited (excluding interest or bonus accrued or credited to the assessee's account, if any) as does not exceed the amount of 20[one lakh] rupees in the previous year. (2) Where any amount standing to the credit of the assessee in a fund, referred to in sub-section (1) in respect of which a deduction has been allowed under sub-section (1), together with the interest or bonus accrued or credited to the assessee's account, if any, is received by the assessee or his nominee— (a) on account of the surrender of the annuity plan whether in whole or in part, in any previous year, or (b) as pension received from the annuity plan, an amount equal to the whole of the amount referred to in clause (a) or clause (b) shall be deemed to be the income of the assessee or his nominee, as the case may be, in that previous year in which such withdrawal is made or, as the case may be, pension is received, and shall accordingly be chargeable to tax as income of that previous year. Further Section 10 (23AAB) any income of a fund, by whatever name called, set up by the Life Insurance Corporation of India on or after the 1st day of August, 1996 or any other insurer under a pension scheme,— (i) to which contribution is made by any person for the purpose of receiving pension from such fund; (ii) which is approved by the Controller of Insurance or the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), as the case may be.

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Open uri20170510 32134 ng4pv?1494421709 answered

**There is NO income tax rebate under 80C for investment under LIC's Varishtha pension Bima Yojana** and the pension received will be taxable if the individual’s income falls in the tax net since TDS is not applicable on Varishtha Pension Bima Yojana, 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. **Note: No service tax is levied on the premium paid towards LIC Varishtha Pension Bima Yojana with effect from 1st April 2015.**

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**LIC's Varishtha pension Bima Yojana** LIC's Varishtha Pension Bima Yojana is a plan for senior citizens It is a plan introduced by government with LIC There is no Income tax rebate under 80C for this plan Thanks :)

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