Section 80CCC provides a deduction to an individual for any amount paid or deposited by him in any annuity plan of the Life Insurance Corporation of India or any other insurer for receiving pension from a fund referred to in section 10(23AAB). The deduction shall be restricted to Rs. 100,000. One should keep in view the following points: 1. Where after claiming deduction, the assessee or his nominee surrenders the annuity before the maturity date of such annuity, the surrender value shall be taxable in the hands of the assessee or his nominee, as the case of may be, in the year of the receipt. 2. If deduction is claimed under section 80CCC, pension received will be taxable in the hands of the assessee or the nominee, as the case may be in the year of the receipt. 3. Rebate (with reference to the amount paid under section 80CCC) will not be available under section 88 to persons to whom deduction under this section has been allowed. 4. The maximum amount deductible under section 80CCC is Rs. 100,000. Moreover, the aggregate amount of deduction under section 80C, 80CCC, 80CCD cannot exceed Rs. 100,000.