Under section 80ccc of income tax act do we get Exemption or Rebate on the invesment?

Mr.Sachin.a 's answer is correct.

The deduction U/s 80ccc upto the financial year 2005-06 (AY:2006-07) it was Rs.10,000. From financial year 2006-07 (AY:2007-08) it has been increased to 1 lakh.

80 CCC Premium paid towards IRDA approved Pension Fund up to Rs.1,00,000. But the aggregate of deduction u/s 80C, 80CCC & 80CCD all the three sections added together shall not exceed Rs.1 lakh. (You can invest more, but the tax exemption is limited to Rs.1 lakh only)

The web page link given below gives you some idea.

http://www.nitc.ac.in/nitc/Tax2007.doc

u get exemption up by certain %

there is no more sect 80ccc, it is now sect 80c, which means u can invest upto 1,10,000 in tax saving products and u get upto 33,000 on the tax amout u need to pay

under sec80CCC we does not get any rebate or exemption we get deduction upto Rs100000

Section 80CCC

DEDUCTION IN RESPECT OF CONTRIBUTION TO CERTAIN PENSION FUNDS.

(1) Where an assessee being an individual has in the previous year paid or deposited any amount out of his income chargeable to tax to effect or keep in force a contract for any annuity plan of Life Insurance Corporation of India for receiving pension from the fund referred to in clause (23AAB) of section 10, he shall, in accordance with, and subject to, the provisions of this section, be allowed a deduction in the computation of his total income, of the whole of the amount paid or deposited (excluding interest or bonus accrued or credited to the assessee's account, if any) as does not exceed the amount of ten thousand rupees in the previous year.

(2) Where any amount standing to the credit of the assessee in a fund, referred to in sub-section (1) in respect of which a deduction has been allowed under sub-section (1), together with the interest or bonus accrued or credited to the assessee's account, if any, is received by the assessee or his nominee-

(a) On account of the surrender of the annuity plan whether in whole or in part, in any previous year, or

(b) As pension received from the annuity plan, an amount equal to the whole of the amount referred to in clause (a) or clause (b) shall be deemed to be the income of the assessee or his nominee, as the case may be, in that previous year in which such withdrawal is made or, as the case may be, pension is received, and shall accordingly be chargeable to tax as income of that previous year.

(3) Where any amount paid or deposited by the assessee has been taken into account for the purposes of this section, a rebate with reference to such amount shall not be allowed under section 88.