Tax on superannuation

Querist : Anonymous (Querist) 09 October 2011 This query is : Resolved
My company had Group superannuation with LIC India for which I was a member for 15yrs. Now this company has been acquired by a new company that does not have superannuation facility. Hence we have opted to Exit from the policy with 1/3rd commutation and monthly annuity starting now. What is my tax liability on 1/3rd commuted money and monthly annuity?

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Raj Kumar Makkad (Expert) 09 October 2011
It shall form as your income from salary/wages and normal tax rate shall be applicable, however, you shall be duly entitled to claim exemption of tax under section 80C of IT Act.

Querist : Anonymous (Querist) 09 October 2011
Thanks Mr. RajKumar for a prompt response.
Under what head of sec 80C I can claim the exemption?

prabhakar singh (Expert) 09 October 2011
80c is not about exemptions but about deduction that can be made from taxable income by further investments up to limit of one lack by contributing towards saving instruments recognized there,such as 1]Home Loan 2]Payment towards Education Fee of the children 3] Payment towards Provident Fund 4]Interest on National Saving Certificates etc.

Shailesh Kr. Shah (Expert) 09 October 2011
Under what head of sec 80C I can claim the exemption?

Answer: you are already claimed deductions u/s 80c or 88,as the case may be, last 15 years, if you contributed.

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