Please let me know what should be the treatment for following example.:- I am eligible for LTA of Rs.5,000/- P.A. but not avail the same in first year. In second year I will avail Rs.10,000/- for LTA for 2 years. Again same in third year i used Rs.10,000/- for 3rd & 4th year & not avail in the 4th year like 1st year then what will be the tax effect for all the years. Assume that i provide tickets for full amount i.e. Rs.10,000/- in 2nd & 3rd year.
As per income tax Blocks are fixed to calender
you can avail the LTA 2 times in four Calender year( 2006-2009)
for example:if you have LTA eiligibility is 20000
you can avail the LTA in 2006-2007 one LTA & 2008-2009 another LTA
if you are not availing in 2006-2007 Calender Year, you can avail the LTA in 2008-2009 of rs. 20000 only but not Rs. 40000
even if you did not avail in 2008-2009, you can avail Two LTA at a time in next blocks 2010-2011 (2010-2013) of Rs. 40000.
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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Aggarwal Sarawagi and Co
New Delhi
CA
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