Section 10(5) Leave travel Allowance

This query is : Resolved

Rajat (Querist)
Follow

04 September 2008 Leave Travel allowance of Rs 50,000 recd by an employee in the year 2006-07 (FY07)

Due to personal reason he couldn't go for travel but utilized the same amount in year 2007-08 (FY08) towards the economy air flight ticket.

What will be the tax implications for both the years as LTA is exempted twice in the block of fours year and it falls in the current block of 2006-2009.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

04 September 2008 2006-07: The LTA received is taxable
2007-08: There is no receipt of LTA to claim exemption.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Suvigya Tiwari

ANUPAMA L KANT

Abhishek Kabra

MUNISH KUMAR

Tushar Gupta

Subscribe Now

Section 10(5) Leave travel Allowance

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

GST CONSULTANCY

GST CONSULTANT

CA Final

Accountant