Dear Frnz, please tell me what is the tax treatment for LTA rec. by an employee if receives once in 2 year but for both year together.
Reg Treatment of LTA
Replies (1)
. Twice in a block of four calendar years.
ii. LTA is not related to when you started your employment as the government has fixed blocks of years for the purpose of claim.
iii. These blocks are not financial years (April 1 to March 31); they are calendar years (January 1 to December 31).
iv. The current block is 2010-13, that is, between January 2010 and December 2013.
v. During this time period, a person is entitled to two LTA claims.
vi. A person can get an income tax exemption for two journeys in a block of four calendar years. But he can make a trip only once in year.
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