Availment of leave travel concession
This query is : Resolved
15 March 2012
Sir,
One of our employee hasn't claimed LTC in the last assessment year and but we have paid the allowance as a part of salary and in this assessment year also he got the allowance.can anybody confirm the quantum of deduction claimable in this current assessment year
Thanks
Sriram.
One of our employee hasn't claimed LTC in the last assessment year and but we have paid the allowance as a part of salary and in this assessment year also he got the allowance.can anybody confirm the quantum of deduction claimable in this current assessment year
Thanks
Sriram.
15 March 2012
If the LTC is encashed then the same is fully taxable.
Message likes :
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21 March 2012
My query is as follows
In AY 2011-12 we have paid Rs.20,000/- towards LTC as a part of salary.In AY 2012-13 alos we have paid Rs.20,000/- same as above.In the current year he spent Rs.35,000/- towards LTC and submitted the bills.My query is as per IT Act he was allowed to exemption of LTC everyblock of two years.Whether he is eligible to claim of relief Rs.35,000/- in this current year as he was not avalied the same in the last year.
Thanks,
Sriram.
In AY 2011-12 we have paid Rs.20,000/- towards LTC as a part of salary.In AY 2012-13 alos we have paid Rs.20,000/- same as above.In the current year he spent Rs.35,000/- towards LTC and submitted the bills.My query is as per IT Act he was allowed to exemption of LTC everyblock of two years.Whether he is eligible to claim of relief Rs.35,000/- in this current year as he was not avalied the same in the last year.
Thanks,
Sriram.
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