Hi Ashutosh, The benefits of LTA are you can claim the amount as non taxable, since you get exemption u/s 10 for the same. for further queries you can let me know. regards..............Navroz
From India
2From India
Hi I hope this can help you. I had uploaded this doc long back, now doing it again. Kindly find the attachment Regards Himani
Hi!
Thanks for this info....Its realllly useful!
Just one query:
The word file contains this data:
No time for a holiday?
Then you can carry it forward.
One LTA can be brought forward and claimed in the first year of next block.
If some one has not claimed LTA since FY 04-05 and claims in FY 07-08, then can he/she get LTA for 04-05, 05-06, 06-07 and 07-08?
Also, if in current FY [ie FY 07-08] he / she just wants to claim LTA for 04-05, 05-06, then is it legally allowed?
Kindly advice.....
From United Kingdom, Haverfordwest
Thanks for this info....Its realllly useful!
Just one query:
The word file contains this data:
No time for a holiday?
Then you can carry it forward.
One LTA can be brought forward and claimed in the first year of next block.
If some one has not claimed LTA since FY 04-05 and claims in FY 07-08, then can he/she get LTA for 04-05, 05-06, 06-07 and 07-08?
Also, if in current FY [ie FY 07-08] he / she just wants to claim LTA for 04-05, 05-06, then is it legally allowed?
Kindly advice.....
From United Kingdom, Haverfordwest
Dear Dhvani
As per my understanding regarding your questions the answers are given below. Let me know if your questions are answered or you have more queries.
1. Let's say you do not take your LTA in 2004-05. Or that you use only one LTA. This means you will be able to take the pending LTA in the years mentioned by you because 04-05 you will be under the block 02-05 and for 06-09 under current block. This means that, in the 2006-09 block, you will be totally entitled to the three journeys.
2. Leave Travel Allowance is exempt from tax when you submit travel bills for one journey in a year. This exemption is available once in two calendar years or twice in a block of four calendar years. In other words, you could claim LTA exemption two times in four calendar years. If you fail to claim exemptions in the first block of four years, you can carry forward a maximum of one exemption to the next block and avail three exemptions in the next block of four years.
Regards
Himani
As per my understanding regarding your questions the answers are given below. Let me know if your questions are answered or you have more queries.
1. Let's say you do not take your LTA in 2004-05. Or that you use only one LTA. This means you will be able to take the pending LTA in the years mentioned by you because 04-05 you will be under the block 02-05 and for 06-09 under current block. This means that, in the 2006-09 block, you will be totally entitled to the three journeys.
2. Leave Travel Allowance is exempt from tax when you submit travel bills for one journey in a year. This exemption is available once in two calendar years or twice in a block of four calendar years. In other words, you could claim LTA exemption two times in four calendar years. If you fail to claim exemptions in the first block of four years, you can carry forward a maximum of one exemption to the next block and avail three exemptions in the next block of four years.
Regards
Himani
Dear Himani,
Thanks for the reply.....
But some how, I am still not clear on that stuff......
My query is – If I claim LTA in current Financial year, then is it compulsory to take LTA for FY 07-08 also OR can I claim LTA till 06-07 only in Current FY ? Is it mandatory to receive LTA for that particular Financial year in which you are claiming ?
Best regards,
Dhvani
From United Kingdom, Haverfordwest
Thanks for the reply.....
But some how, I am still not clear on that stuff......
My query is – If I claim LTA in current Financial year, then is it compulsory to take LTA for FY 07-08 also OR can I claim LTA till 06-07 only in Current FY ? Is it mandatory to receive LTA for that particular Financial year in which you are claiming ?
Best regards,
Dhvani
From United Kingdom, Haverfordwest
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Flexi Benefits Plan.doc