For claiming Exemption in LTA the journey by air acceptable?
If then what are all the Airline tickets are permissible for claiming.
Please its urgent.
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Replies (5)
Yes, subject to the conditions mentioned in Rule 2B(b)(i) of Incometax Rules 1961
can some body explain this rule2(B)(i).
i want to whether all the air line bills are acceptable or only indian airlines or Air india.
As per Rule 2B, amount of air economy class fare of the National Carrier by the shortest route or the amount spent whichever is less shall be exempt.
Journey can be by any airlines, but the claim amount allowed will not exceed the air economy fair of National carrier by the shortest route.
LTC entitlement is prferably with national carrier with Airticket in economy class is o.k.& Exempted
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