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LTA

Tax planning 508 views 1 replies

Can we accept private  / Travels Car Rent Bill for LTA

Replies (1)

Dear Deepak

The I. Tax Act does not prohibit  private  / Travels Car  mode of transport for claiming LTA.

Only remember that the maximum amount allowable as exemption u/s.10(5) would be limited to :

1) amount not exceeding the air conditioned 1st class rail fare by the shortest route to the place of destination.

So if the private transport bill is higher than the above , then it will restricted to (1) above
 


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