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1st part of the answer " is it 1,50,000 or 2,00,000 rupees per year ?"If you follow section 80CCE , if defines you the combined limit of deduction for section 80C,80CCC and 80CCD."80CCE. The aggregate amount of deductions under section 80C, section 80CCC and section 80CCD shall not, in any case, exceed one lakh fifty thousand rupees."2nd part of the answer "is the calculation correct ? can I invest 50,000 rupees under National pension System to get additional deduction under 80ccd ?"Gross Total Salary 4,86,00080C +80CCC (1,21,000)80CCD (29,000)80D (15,000)Net Income 3,21,000Tax on 3.21Lac 7100Relief u/s 87A (2000)---------5100+153(Edu Cess)Total Tax Payable 5253Health /Medical Insurance has a limit of 15,000 for self, spouse and dependent children and 20000 if person insured is a senior citizen.8oC has maximum deduction of 1,50,000.80CCC has maximum deduction of 1,00,000.80CCD has maximum deduction of 10% of "salary" [for a self-employed person : 10% of GTI] or Rs. 1,00,000, whichever is less.80CCE :Combined Deduction Limit of 1,50,000 for 80C,80CCC,80CCD.Therefore Invest Only 29000 In National Pension system and look for other investment options like 80 CCG and more.Note : I assumed here that you are a resident individual , below 60 years of age and medical insurance mentioned above is taken for yourself.Caution :Do not take it as a legal advice .I hope i cleared your doubts .Comments Welcomed .EDIT :First of all to improve your basic concepts Income tax act providesDeductions under Section like 80C, 80CCC, 80CCD, 80G and so andExemptions under Section 10.What is the difference between tax exemption and tax deduction?Both tax deduction and tax exemption are forms of tax relief or tax break extended by the government to tax payers.If it is a tax exemption then that particular income will not be charged to income tax. In case of tax deduction one’s income tax liability decreases by the specified amount for investing in or spending money on the specified avenues.For instance interest from tax free bonds and long term capital gain from equity mutual funds have tax exemption. This means no income tax is to be paid on such interest and profit made on selling equity mutual fund units. Similarly you get tax deduction up to Rs 1 lakh under section 80C for certain investments and expenses. This means if you make those investments or accrue those expenses, your taxable income reduces by the actual amount or Rs 1 lakh, whichever is higher.Now coming to your question “Does the policy give tax deduction under 80c and 10D?”By the way its section 10(10D) and not 10D, so in your case your 121000 INR to HDFC is deductible u/s 80C (subject to limit).But what about when you receive your amount of sum assured on maturity of insurance , is it taxable or not , so here comes section 10(10D) into play which says that :Any sum received under a life insurance policy including the sum allocated by way of bonus on such policy shall be exempt from tax.However, the following are not exempt and therefore shall be taxable:Any sum received under an insurance policy;If premium payable for any of the years during the term of policy exceeds:Policy issued before 1st April 2012 :20% of actual capital sum assuredPolicy issued on or after 1st April 2012 :10% of actual capital sum assuredHowever, the amount received on such policy on death of the insured shall not be taxable.So in the end conclusion is 121000 premiums to HDFC is deductible u/s 80CAnd the amount receivable (maturity value of insurance ) shall be taxable if you paid more than 10% of actual capital sum assured during any of the years the term of policy.( you can save the tax here by dying.)And 1 suggestion from my side please stop following any article on income tax until it quotes you the exact section and provision for it , because you know in India news and views are always free of cost.I hope this time its crystal clear to you.Caution: Do not take it as a legal advice .

Try this site where you can find the best solutions for all your personal financial needs://personalfinancesolutions.info/index.html?src=compare//RELATEDHow much is liability insurance?I am going to be a new driver soon and I will be driving a 4x4 dodge single cab truck and I live in missouri and was wondering how much liabillity insurance would cost per month? Thanks!Insurance or no insurance?My husband told me he wants out. We have been married for a long time. He doesn’t want to tell anyone and he keeps saying he is leaving but he’s not. (I don’t want him to go so that part is fine.) My problem is my company has been our families insurance, I pick up the premium through payroll deduction. Now is the time to make any changes and I only have til the first of July to do this until next year. Should I drop his coverage and let him fend for himself or do I just keep paying for the family plan as always.”A question about car insurance?I am 18 and i just got my G.E.D. and I’m looking for a job. I do not have a drivers license so i was wondering how much will it cost me for car insurance per month when i get it.Mustang GT car insurance?Hey in 16 and im looking at buying a 1994–2005 Mustang GT. I like working on cars and this car seems to me an awesome car to work on. I just wanted to know how much people pay for insurance with a mustang GT. Also how much more would it cost because i am 16.Who has the cheapest auto insurance policies in Pennsylvania?I’m purchasing a ’97 GTI VR6. I don’t have insurance, because I currently own no other vehicles. What would everyone recommend as far as a decent and affordable auto insurance policy? I’m 19 years old. No accidents and no tickets of any sort. Thanks in advance!”Car Insurance companies?I have car insurance on my 2010 ford focus. When i signed up with them they never asked me about my title. it does have a salvage title but they never asked me if it had one or not. I have been insured with them for approximately almost 2 years with A+ plus driving history. I had some small damage that has been done to my car by a citizen of whom I have no idea but that scratch the sides of my vehicle with I guess the key or some type of odd objects. I put a claim in to have my car to be looked at and to have them to pay me the value of what my vehicle was worth. I’ve been paying full coverage since the day I started with them. when I put the claim in is when they discovered that it had a salvage title. Theey did send me a check for the amount of damages. this is an out of state check so its not able to be cash immediately. I have two questions I would like to ask. 1. are they able to put a stop on this check. 2. the retention department has been calling me what is the retention“Got my first speeding ticket, will my insurance go up?Im 20yrs old if that matters.. And this is only my first ticket. I was going 80mph on a 70mph. Will my insurance go up? If u know please tell me. I have state farm.Do you think car insurance should be mandatory in all of the United States?I live in Wisconsin. Car insurance is not required for cars trucks and anything else on the road. I think this is wrong with medical and car repair bills being so expensive these days. Worst part about it is some of these non insured people drive like lunatics and if they do hit you they have nothing to even sue them for. I think it’s disgusting.Does anyone know where i could get a car for my driving test? I need insurance as well. I am 16 years old?I am going to go get my licence. I am 16 years old in California. The problem is, i don’t have a car. Please don’t ask me what i’m going to do with my licence if i dont have a car (it’s a long story). I need a car i can take with me to do my road test. The DMV also needs proof of insurance. Please tell me where i could get a car and get the proof of insurance. Thanks!!!!!!!!”How much does canadian car insurance cost for a 20yr old male NEW driver for a used CAR or used SUV?Just give me an estimate for a car or an suv in canada. Just an estimate. I know its different for all cars and suvs but just give me an idea obviously the differences CANNOT be thousands and its gonna be in a certain range. if u can give me a range fine, give me a range im just a new driver and male, 20. these stupid car insurance companies cant even give me that much its not like im going to be paying 9000$ instead of 300$.”