Lta exemption u/10 (5)

Tax planning 2385 views 4 replies

santosh

System Anlalyst

24 Points Posted on 12 November 2011

I am working in Indian software company and working out of India since last one year. I am receiving Indian Salary in Indian bank Account with one component as LTA.

I am planning to travel to India for Vacation. Can I claim the travel expenses from Foreign country TO India for LTA exemption?

As per ITA rule, it says "The exemption is for "(i) on leave to any place in India" but does not specifically says about travel should start from India".

Please any exprt opinions on this?

Replies (4)

C.A SHASHANK GOYAL

Chartered Accountant

362 Points Posted on 12 November 2011

Hi , I am of the opinion that you will not be able to receive the exemption for the same because coverage is "within india".

V.MASTHANVALI

ACCOUNTS EXECUTIVE

89 Points Posted on 12 November 2011

1.LTA exemption can be claimed where the employer provides LTA to employee for leave to any place in India taken by the employee and their family.

2. Such exemption is limited to the extent of actual travel costs incurred by the employee. 3.Travel has to be undertaken within India and overseas destinations are not covered for exemption

nupur

employee

112 Points Posted on 13 November 2011

LTA exemption can be claimed whrere the employer provides LTA to employee for leave to any place in india taken by the employee and their family . Such exemption is limited to the extent of the actual travel cost incurred by the employee. Travel is to be undertaken within india and overseas destinations are not covered under exemption. Hence u r nt eligible for LTA exemption .

S.Sudhendra Kumar

Accountant

27 Points Posted on 19 December 2011

Can you please let me know that is the eligibility amount of LTA in india as per income tax act. Since i have not travelled for the last 3 years can i use LTA for home town by air. Please let me know the eligibility amount as per IT Act.