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Is retirement savings plan tax-free?

There are a wide range of savings options towards retirement on which one can claim tax deductions under Section 80C, which has an upper limit of Rs.1.5 lakh in a financial year. These include pension plans from insurers, pension plans from mutual funds, NPS, PPF, PF, five-year fixed deposits, and others. From this year, there is a provision to save an additional Rs.50,000 exclusively towards retirement savings under Section 80CCD in the NPS.

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