Please let me know what should be the treatment for following example.:- I am eligible for LTA of Rs.5,000/- P.A. but not avail the same in first year. In second year I will avail Rs.10,000/- for LTA for 2 years. Again same in third year i used Rs.10,000/- for 3rd & 4th year & not avail in the 4th year like 1st year then what will be the tax effect for all the years. Assume that i provide tickets for full amount i.e. Rs.10,000/- in 2nd & 3rd year.
2 Replies
Ritesh Sharma
(CA)
(58 Points)
Replied 19 January 2009
You should be able to claim the whole amount as exempt in the respective years.
CA. Ashok shah
(CHARTERED ACCOUNTANT)
(333 Points)
Replied 19 January 2009
LTA is exempt u/s.10 (5) in respect of 2 journeys performed in a block of four (4) calendar years commencing from 1986. In your case, if journeys performed in block of 2006-2009(i.e.1st January, 2006 to 31st December, 2009), then it is exempt u/s.10 (5).
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