NPS

Yes, you have to include employer contribution in your salary. If you have taken loan, show the principal paid under income from house property as a deduction u/s 24(b). The interest paid should be shown as a deduction under chapter VI A u/s 80C

Dear Sir,

- Check the employer contribution in the monthly payslip. The amount of contribution by the employer and employee in NPS is same i.e.10% of (Basic+DA). If the contribution is included in your gross salary, claim deduction u/s 80CCD.

- In case of home loan, avail deduction of interest on loan of Rs.2,00,000 under income from house property which will be set-off with your salary income and deduction of Rs.1,50,000 is available u/s 80C only in the year of purchase or construction of house.

- No Need to show amount of housing loan anywhere in ITR.

Thanks

Nps contribution by your employer need not be shown in form 16 and your tax return.

What do you mean by you get house loan and get 10 lacs? Didn't get it

Dear Sir,

- Deduction of contribution towards NPS by employee is available u/s 80CCD(1).

- Deduction of contribution towards NPS by employer is available u/s 80CCD(2).

- Deduction u/s 80CCD(1) is clubbed within the monetary ceiling of Rs.1.50 lacs. Deduction u/s 80CCD(2) is additional.

Thanks

The amount of contribution by the employer in NPS to the extent of 10% of (Basic+DA) is eligible for exemption u/s 80CCD, if it is part of your salary.

I am not very clear about your second question. However, of what i make from it, you need not disclose the home loan taken, in the ITR.

Hope that clarifies.

Regards,

Nikhil.

Hi

You can check it from salary slip whether it's included or not and if it's included then deduction can be claimed on this under sec 80ccd.

Home loan amount is not to be declared in ITR, but deduction on interest and principal amount paid can be claimed separately.Interest deduction under sec 24 ,income from house property and principal under 80c.

Hope it helps

If the Gross salary in Form 16 is reconciled without employer contribution towards NPS then you should include it under salary and claim deduction of the same.

No need to show home loan amount in ITR.

Please double check your form 16, it will definitely be there in form 16 in your salary and equal amount will be shown in 80ccd(2). If you can't find, clarify from your company. If not included then you can include it first in your taxable salary, then claim deduction u/s 80ccd(2).

Further, you can show loan in exempt income. It's loan not your income. You don't need to show it anywhere.

The NPS contribution should be part of Form 16. Please recheck and confirm with your employer too. If it is not there, add to your gross salary and then take deduction of the same.

Home loan need not be shown in the ITR as it is not your income.

Regards,

Nikhil.

It's better to clarify with the concerned department in your office. Is employee contribution@ 12% of your salary? Usually employer and employee contributions are the same.

The employer contribution is eligible for deduction u/s 80C and 80CCD totalling to 2,00,000

The loan amount is a capital receipt hence no need to show as income.

Dear Sir,

Hope you are doing well !

1.Salary as per section 17(1) of the I-T Act, includes contribution made towards the National Pension Scheme referred to in Section 80CCD. Therefore, any payment made by your employer to your pension account is a part of your taxable salary. You have to add your employer’s contribution to National Pension System (NPS) to your gross salary and then claim said amount as tax deduction u/s 80CCD(2). Please note that employer’s contribution to NPS qualifies for a tax deduction only up to 10% of the salary (basic plus DA) under Section 80CCD(2) of the Income-Tax Act.

2. Home loan need not to be shown in the ITR as it is a capital receipt not your income.

Thanks & Regards,

Payal Chhajed

Dear Sir,

Coming to your second question:

The employer contribution should be part of Form 16. Please recheck form 16 and reconfirm with your employer.If it is not there, please add to your gross salary income and then claim the deduction for the same.

Thanks & Regards,

Payal Chhajed

Hi

Employer contribution for NPS shall be included in the gross salary as mentioned in Form 16. Please recheck it with the department. You need not include it again.

Employer contribution of NPS is allowed as deduction under section 80CCD(2) upto a max of 10% of salary.

For home loan, you need not show it as an income; it is a capital receipt. You can claim deductions in respect of home loan interest paid under House property head and principal repayments under 80C.

You should clarify it from your employer because it must be included in your salary, and if its not then first add it to salary then claim deduction .

No need to show loan receipt anywhere in your return as its not your income.

Dear Sir,

Employer contribution for NPS will have to be included in the gross salary as mentioned in Form 16. If it is not included, you need to include it in your gross salary and claim as a deduction under section 80CCD(2) upto a maximum of 10% of salary.

No need to show loan receipt anywhere in your return as its not your income. It is a capital receipt. You can claim deductions in respect of home loan interest paid under House property head and principal repayments under 80C.