Two lta claims in same calendar year

Tax queries 3558 views 3 replies

Vishnu Prasath

Analyst

38 Points Joined October 2011

Hi,

I have not claimed LTA for this block yet.

This Calendar Year, I travelled twice (March 2012) and (April 2012).

Can I claim both of these as they fall in different financial years?

I understand that if I can claim these two, I will not be eligible for further claims in this block.

I am getting different answers for these questions from sources and I hope I get some clarity here.

Regards,
Vishnu

Replies (3)

Guest

In my opinion u can claim these lta and wnt b eligible in this block

Vishnu Prasath

Analyst

38 Points Joined October 2011

Originally posted by : CA CS Ashwin Sharma
	In my opinion u can claim these lta and wnt b eligible in this block

Hi Ashwin,

Thanks for responding. I have few questions on the same. I hope some one of you can answer that too.

1. Since I did not claim LTA for previous financial year (2011-12), my employer has credited the LTA amount deducting tax. I hope I am still eligible to claim and I can do that during my returns.

2. How to arrive at the LTA amount eligibility?

a. For the first travel on March 2012, can I use the LTA allowance for that financial year only or can the LTA allowance from Jan 2010 can be used?

b. For the second travel on April 2012, can I consider the LTA allowance from April 2012-Mar 2013 (Projected)

Regards,

Vishnu

Vishal Goel

Chartered Accountant

1693 Points Joined April 2014

Can I Claim LTA Twice in a Year:- Though you can claim two journeys in a block of four years, you can claim the LTA benefit just once in a year. You cannot claim both the journeys in one year. So, while a person can get an income tax exemption for two journeys in a block of four calendar years, he can make a trip only once a year. If you make two trips in a year, you lose one. One way out is to claim one and make your spouse claim the other in case your spouse is also working.