Section 10(5) Leave travel Allowance
This query is : Resolved
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.
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.
04 September 2008
2006-07: The LTA received is taxable
2007-08: There is no receipt of LTA to claim exemption.
2007-08: There is no receipt of LTA to claim exemption.
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