LTA cash voucher deduction for private employess

Hi 

I am working in private IT firm. I have not opted for LTA as a flexi salary component. I am in discussion with my employer to add this in my salary structure. I guess it can be done

I recently purchased two term insurance policies from ICICI PRUD & HDFC Life. The yearly premium which I paid is approximately 165000/-. Now I want to take this amount for my LTA cash voucher deduction. According to my calculation deduction I could get is 55220/-. 

I am not sure how can claim this deduction. Since in our organization. investment declaration & proof submission process is already over. Now I am not sure I can claim this deduction though I am checking with employer

My point is if my employer did not allow this deduction then can I claim it separately while filling ITR ?

Since LTA is not opted as of now & suppose employer do not allow to add it further then still can I claim it in ITR ? 

 

 

Replies (2)
Quick Summary
A private sector employee is inquiring about claiming LTA cash voucher deductions for term insurance premiums. They have not opted for LTA as a flexi-salary component and are unsure if they can claim the deduction, especially since the investment declaration period has passed. The employee seeks to understand if the deduction can be claimed directly via ITR if the employer does not facilitate it, and how the deduction amount is calculated based on family members and LTA eligibility.

Yes, You can but you should have supporting document available with you i.r.o any deduction claimed by you in your return.

Thank you sir. I have term insurance premium paid receipts. Premium paid through Net banking in the month of Jan 21. So I am assuming I should get 1/3 deduction of total premium paid.

We have 4 members in family & I have LTA eligibility of Rs. 200000 PA.  I paid insurance of Rs. 165660/-  so I could get deduction of Rs. 55220/-.

My employer responded that they are evaluating New LTA amendments. So I am not sure whether LTA should be chosen as a part of salary  which I have not. So whether I can claim LTA in this case or not

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