Lta
This query is : Resolved
06 February 2012
Dear Members,
i have 2 queries w.r.t LTA.
1) As the current block is 2010-2013 (Jan 2010 to Dec 2013), if a person travels in the month Feb 2011, can it be claimed in the A.Y. 2012-13.
2) If a person travels to such a place in India, where there is no public transport service (Train and Bus). So the person travelled with his personal vechicle and claims petrol cost.
In this how the LTA amount to be detarmined.
Kindly advice.
i have 2 queries w.r.t LTA.
1) As the current block is 2010-2013 (Jan 2010 to Dec 2013), if a person travels in the month Feb 2011, can it be claimed in the A.Y. 2012-13.
2) If a person travels to such a place in India, where there is no public transport service (Train and Bus). So the person travelled with his personal vechicle and claims petrol cost.
In this how the LTA amount to be detarmined.
Kindly advice.
06 February 2012
Yes. Can be but subject to this rules u/s.10(5) of Income tax act
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.
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.
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