LTA exemption in Income Tax

This query is : Resolved

Rakesh Singh (Querist)
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05 March 2008 What are the documents needed to claim the exemption on income tax on Leave travel assistance?
And what is the limit for LTA that can be exempted from tax?

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
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05 March 2008 According to rule 2B, you can produce an air, rail or any public transport ticket.

You can even submit the bills issued by the car rental company if you rent a vehicle.

However, the travel is applicable anywhere in India and not abroad. So an international air ticket will not hold

If you do not submit any proof of travel, you will get your LTA but will have to pay tax on it.

If you produce proof of travel, it will not be taxable to the extent your proof of travel is covered

You can claim LTA twice in the block of four calendar years.

This block is not calculated with the start of your employment. The government defines these blocks.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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05 March 2008 The statement "If you do not submit any proof of travel, you will get your LTA"..

This depends upon the company LTA rules also.

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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05 March 2008 IF SUBMIT THE PROOF OF TRAVEL IT WILL NOT BE TAXABLE TO THE EXTENT OF PROOF AVAILABLE

Rakesh Singh

Rakesh Singh (Querist)
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05 March 2008 Suppose if I am joining a service in June 2008 and if I have travelled before June 2008, say in May 2008 and I have the bills of travel expenses. Can I claim that after joining the service?

CA Saurabh Maheshwari

CA Saurabh Maheshwari (Expert)
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05 March 2008 NO,YOU CANNOT CLAIM THE EXPENSES INCURRED BEFORE TH DATE OF JOINING

CA. GOPAL SONIKA

CA. GOPAL SONIKA (Expert)
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06 March 2008 No you cannot claim

CA J M Pattanayak

CA J M Pattanayak (Expert)
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07 March 2008 U cant claim the expenses.
u r eligible to avail LTA only after joining the company so u cant claim the same if the travel taken place before joining the company.

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