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Leave travel concession
1 VALUE OF LEAVE TRAVEL CONCESSION:
Any concession received by employee for himself or his family for travelling to any place in India is exempt to the extent of amount spent subject to the following conditions:
1. Exemption only for two journeys in a block of four years and out of two journeys exemption for one journey can be claimed in the calendar year succeeding the end of the block. [current block: 2010-13]
2. Exemption only for two children but exemption will be available for all children born before October 1, 1998
Plzz explain me this..
especially point no. 1
Replies (2)
1. It means that in a continuous set of four years, only two journeys will be exempt and only one of these two journeys, if opted, can be claimed b/w jan1 2015 and dec31 2015. (im not so sure about these dates. the question says the block is 10-13, so im thinking that the 4 financial years are - 10-11, 11-12, 12-13 and 13-14. so, the calendar year after 13-14 is jan1 15 to dec 31 15). am i ryt?
2. exemption is only available for 2 children that were born on or after 1 october 1998. all other children's expenses are eligible for exemption.
Thank you sir..!!!!
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