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.

Section 80CCC Deduction - Eligibility Criteria

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.