27 October 2013
1 VALUE OF LEAVE TRAVEL CONCESSION:
Any concession received by employee for himself or his family for travelling to any place in India is exempt to the extent of amount spent subject to the following conditions:
1. Exemption only for two journeys in a block of four years and out of two journeys exemption for one journey can be claimed in the calendar year succeeding the end of the block. [current block: 2010-13]
2. Exemption only for two children but exemption will be available for all children born before October 1, 1998
Plz explain me this stuff..ESPECIALLY the 1ST POINT...PLZ
It means you can claim exempted LTA once in 2 years of 4 years block.
Here block means block of 4 years. EG. present block is 2010,2011,2012,2013.
So you can claim two exempted block in any one year between 2010 to 2013.
So if you claim only one exemption or No exemption in years 2010 to 2013. You can carry forward only one available exemption immediately in 2014 & apart from this extra exemption you can also claim 2 exemption in block of 2014 - 2017.
So in short only 2 exempted LTA in a 4 years period. And if you dont claim one or more exemption in a block of 4 years, you can claim 3 exempted LTA in next 4 years block of this 3 exempted LTA you have to claim 1st exempted LTA in very first year of 4 yaers period.
CAclubindia
