Income tax benefits under 80 ccd by NPS is 1.5lakh or 2 lakh?

Income tax benefits under 80 ccd by NPS is 1.5lakh or 2 lakh?

1.5 Lakh.

Any individual who is Subscriber of NPS can claim tax benefit under Sec 80 CCD (1) with in the overall ceiling of Rs. 1.5 lac under Sec 80 CCE.

Ref: FAQ.

NPS employee contribution can be bifurcated in two parts under Section 80CCD(1) and 80CCD(1B). 80CCD(1) is under 1.5 lakh limit whereas 80CCD(1B) is over and above 1.5 lakh limit but is limited to 50,000. So you can avail 50,000 under 80CCD(1B) and balance under 80CCD(1).

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