Lta exemption
This query is : Open
18 July 2012
Dear Sir,
I am drawing my salary of Rs. 33000/- pm to what extent i can claim Leave Travel Allowance (LTA)
Please suggest me the exemption limit of LTA from my Salary
Regards
Raj Kumar
I am drawing my salary of Rs. 33000/- pm to what extent i can claim Leave Travel Allowance (LTA)
Please suggest me the exemption limit of LTA from my Salary
Regards
Raj Kumar
18 July 2012
There is no specific limit for LTA exemption
Leave Travel concession is exempted u/s 10(5) as per detail given below
Leave Travel Concession (LTC)/Leave Travel assistance (LTA) received from employer to proceed on leave to any place on India for himself and his family is exempted.
LTC/LTA received from employer or former employer received in connection with proceeding to any place in India after retirement/termination for himself and his family is also exempted
The exemption is allowed only if actual expenses has been incurred.
Leave Travel concession is exempted u/s 10(5) as per detail given below
Leave Travel Concession (LTC)/Leave Travel assistance (LTA) received from employer to proceed on leave to any place on India for himself and his family is exempted.
LTC/LTA received from employer or former employer received in connection with proceeding to any place in India after retirement/termination for himself and his family is also exempted
The exemption is allowed only if actual expenses has been incurred.
18 July 2012
No limit for LTA exemption.
only two times in a four year period (specified in act) LTA will exempt.
only travelling exp will be exempt no hotel or fooding exp will be exempt.
rest Mr. Ramesh Krishnan has told.
only two times in a four year period (specified in act) LTA will exempt.
only travelling exp will be exempt no hotel or fooding exp will be exempt.
rest Mr. Ramesh Krishnan has told.
20 July 2012
Leave Travel concession is exempted u/s 10(5) as per detail given below
Leave Travel Concession (LTC)/Leave Travel assistance (LTA) received from employer to proceed on leave to any place on India for himself and his family is exempted.
LTC/LTA received from employer or former employer received in connection with proceeding to any place in India after retirement/termination for himself and his family is also exempted
The exemption is allowed only if actual expenses has been incurred.
Family Meaning :
The spouse and children of Individual.
Parents,Brothers,sister of individual who are wholly or mainly dependent on Him.
Two Journey in a Block of Four Years is exempted:Exemption is allowed on two journey in block of four years.present block is running from 2006-09 .The block of four year is taken on the basis of Calender year.
Carry forward of LTC In next block:if assessee has not availed LTC exemption in Last block of four years (single or both) than he can carry forward single(one) exemption in first year of next four year block and can perform journey in first year of the next four year block.(single journey of the old block period can be carry forward and exemption can be availed in first year of next block of four year) .It is also clarified here that two journey actually belongs to next /new block of four years have no impact of carry forward of the old Journey performed in new block period of four years.
Amount Exempted.
A) Journey performed by Air
amount exempted:Economy Air fair of National carrier by the shortest route or the amount spent which ever is less.
B) Journey performed by Rail
Amount exempted: A.C. first class rail fare by shortest route.or amount spent which ever is less.
C) Place of origin and destination place of journey connected by rail but journey performed by other mode of transport.
Amount exempted :A.C. first class rail fare by shortest route.or amount spent which ever is less.
D) Place of origin& destination not connected by rail(partly/fully) but connected by other recognised Public transport system.
Amount exempted:First class or deluxe class fare by shortest route or amount spent which ever is less.
E) Place of origin& destination not connected by rail(partly/fully) and not connected by other recognised Public transport system also.
Amount exempted:AC first class rail fare by shortest route (as the journey had been performerd by rail) or the amount actually spent ,which ever is less.
Exemption On actual Expenses Only:The amount of exemption is Limited to actual expenses only .Means allowed only if actual journey is performed.
Exemption Of Fare Only:Exemption is allowed only for fare Only as explained above .Other expenses like Local conveyance charge ,taxi charges,lodging ,boarding charges is not exempted.
Exemption is allowed only for Two children if born after October 1,1998: This restriction does not apply to multiple birth after birth of first child and birth before October 1,1998.
Leave Travel Concession (LTC)/Leave Travel assistance (LTA) received from employer to proceed on leave to any place on India for himself and his family is exempted.
LTC/LTA received from employer or former employer received in connection with proceeding to any place in India after retirement/termination for himself and his family is also exempted
The exemption is allowed only if actual expenses has been incurred.
Family Meaning :
The spouse and children of Individual.
Parents,Brothers,sister of individual who are wholly or mainly dependent on Him.
Two Journey in a Block of Four Years is exempted:Exemption is allowed on two journey in block of four years.present block is running from 2006-09 .The block of four year is taken on the basis of Calender year.
Carry forward of LTC In next block:if assessee has not availed LTC exemption in Last block of four years (single or both) than he can carry forward single(one) exemption in first year of next four year block and can perform journey in first year of the next four year block.(single journey of the old block period can be carry forward and exemption can be availed in first year of next block of four year) .It is also clarified here that two journey actually belongs to next /new block of four years have no impact of carry forward of the old Journey performed in new block period of four years.
Amount Exempted.
A) Journey performed by Air
amount exempted:Economy Air fair of National carrier by the shortest route or the amount spent which ever is less.
B) Journey performed by Rail
Amount exempted: A.C. first class rail fare by shortest route.or amount spent which ever is less.
C) Place of origin and destination place of journey connected by rail but journey performed by other mode of transport.
Amount exempted :A.C. first class rail fare by shortest route.or amount spent which ever is less.
D) Place of origin& destination not connected by rail(partly/fully) but connected by other recognised Public transport system.
Amount exempted:First class or deluxe class fare by shortest route or amount spent which ever is less.
E) Place of origin& destination not connected by rail(partly/fully) and not connected by other recognised Public transport system also.
Amount exempted:AC first class rail fare by shortest route (as the journey had been performerd by rail) or the amount actually spent ,which ever is less.
Exemption On actual Expenses Only:The amount of exemption is Limited to actual expenses only .Means allowed only if actual journey is performed.
Exemption Of Fare Only:Exemption is allowed only for fare Only as explained above .Other expenses like Local conveyance charge ,taxi charges,lodging ,boarding charges is not exempted.
Exemption is allowed only for Two children if born after October 1,1998: This restriction does not apply to multiple birth after birth of first child and birth before October 1,1998.
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