Lta exemption u/10 (5)

Tax planning 2352 views 4 replies

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 "(ion 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)

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

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

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 . 

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.


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