suresh (accountS ) (158 Points)
08 April 2012DEAR FRIENDS
1.CAN WE GET TAX BENEFIT ON AMT SPEND ON OUR DEPEND PARENTS SENIOR CITIZENS.
2. HOW MUCH TAX BENEFIT IS AVAILABLE ON REFRESHMENT & LUNCH ALLOWANCE.
3.IF IAM GETTING LTA 3500 P.M IAM NOT UTILISEING IN CURRENT F.Y THEN WILL I GET BENEFIT OF THIS IN MY RETURNS
4. IF IAM GETTING 1250 P .M AS MEDICAL ALLOWANCE IS THERE ANY NEED TO PROVIDE SUPPORTING TO MY COMPANY TO GET BENFIT OF THIS IN MY RETURNS.
KINDLY REPLY ASAP!!!!
Mihir
(Wealth Manager)
(5293 Points)
Replied 09 April 2012
1. if the dependent is disabled, then yes,
2. Food allowance is taxfree upto Rs. 50 per day.
3. Not sure.
4. Medical allowance tax free upto 15000 per year.
Nishith Pursnani
(B.com CPFA CFP(student))
(57 Points)
Replied 09 April 2012
as per my Knowledge ..for claiming your LTA, you can claim it twice in block of four calendar year(current bracket is Jan2010-Dec 2013), And only 2 travels are allowed to be claimed for a block of 4 years.if not claimed in present block you can claim it in first year of next 4 year block(ie 2014).
for claiming LTA you should have taken leave from your company and should have actually traveled. and travel shoud be in India only.
thanks
angelinaB
(none)
(26 Points)
Replied 09 April 2012
1. If your dependent is disabbled or a senior citizen, then, it is yes.
2. all things we buy has taxes.
3. don't know
4. medical allowance is tax free.
Ramanuj
(Accountant.)
(834 Points)
Replied 09 April 2012
1. if the parents is dependent not have any earn than tax can be benefit
2.. Food allowance is taxfree upto Rs. 50 per day.
3. Not know
4. Medical allowance tax free upto 15000 per year.
Karan Malhotra
(Auditor)
(66 Points)
Replied 09 April 2012
Anser to Q-1
a) As per Section 80DD, if the parents is disabled then you can claim a deduction upto Rs. 50000/- p.a. ( Rs. 100000/- in case of severe disability).
b) if you pay the medical premium of your parents, then you would get a deduction upto Rs. 20000/-
c) As per Proposal in the Union Budget 2012, Now you can claim a deduction of Rs. 5000/- in case of preventive health checkup expenses of your parents.
Anser to Q-2
Food allowance is exmpt upto Rs. 50/- per day
Anser to Q-3
As per Section 10(5) of the IT Act, Exemption of LTA can be claimed twice in the block of 4 calander year ( current calender year 2010-2013). if you have not utilise the same in the current year, you can travel in the next year and claim the exemption thereof.
Anser to Q-4
Yes you have to give the medical bills to the employer.
venkat
(ACCOUNTANT )
(31 Points)
Replied 09 April 2012
Dear Sir/Madam,
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Thanks & Regards
venkat
CAclubindia
