20 November 2013
Please let me know if it is possible to give tax exemption on LTA claim in the Financial year 2013-14, while the travel date is in the month of January 2013. The argument I had that as the LTA is on calender year basis, the same can be claimed as well as tax exemption also should be given. Whereas I believe that it can be claimed but will become taxable.
21 November 2013
Yes it can be claimed as 2 journeys performed in a block of 4 years are exempt .The current block is 1/1/2010 to 31/12/2013.If you have not claimed for the second one you can still avail carry over concession and claim the same but in calender year 2014 itself.
CAclubindia
