05 March 2010
Hello.. My client has received an amount of Rs.140,000/ as LTC during the year 2009-2010. What is the criteria of getting exemption of the amount ? Is there any limit prescribed for getting exemption? In the amount he received what amoount will be taxable under salary?
06 March 2010
Leave Travel Concession sec 10(5) can be claimed once in two year in four year block this block is 1-1-06 to 31-12-09 and 1-1-10 to 31-12-13. it will be exempt on providing actual bills for himself, spouse, children and dependent parents, sisters or brother for travelling in India only. this is only for fare whether air, train or public transport. if you need further clarification mail me on my inbox on caclubindia
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