Section 80CCC deduction of the Income-tax Act, 1961 is available for amount paid or deposited for any annuity plan of Life Insurance Corporation of India or any other insurer for the purpose of receiving pension. The aggregate deduction under Section 80CCC, Section 80C and Section 80CCD should not exceed one lakh fifty thousand rupees.
Any individual can claim Section 80CCC deduction of the Income Tax Act. The individual can be a resident of India, NRI, Indian National or Foreign National. HUFs cannot claim deduction under Section 80CCC. In case any amount along with bonus is received on surrender of policy and pension received will be treated as income of the assessee in the previous year to which the amount was received.
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 89-90[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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