Hi,
I wanted to check if there is any sub-limit set by income tax deptt on number of LTAs that can be claimed in one calender year under the main category of 2 exemptions in block of 4 years.
To be explicit, can I calim exemption on one LTA in Jan 2010 and next in March 2010
If answer to above is NO: Can I claim exemption on one in Jan 2010 and another in May 2010?
(I understand no further claims will be available in that block of 4 years after that)
I did not find it in Section 10(5) and rule 2B
Next question is if travel starts on 28 Dec 2009 and ends on 4 Jan 2010, which block is it counted?
Similarly if travel starts on 28 March 2010 and ends 4 April 2010, in which financial year is the exemption to be availed?
Thanks & Regds
Anubhav
From India
I wanted to check if there is any sub-limit set by income tax deptt on number of LTAs that can be claimed in one calender year under the main category of 2 exemptions in block of 4 years.
To be explicit, can I calim exemption on one LTA in Jan 2010 and next in March 2010
If answer to above is NO: Can I claim exemption on one in Jan 2010 and another in May 2010?
(I understand no further claims will be available in that block of 4 years after that)
I did not find it in Section 10(5) and rule 2B
Next question is if travel starts on 28 Dec 2009 and ends on 4 Jan 2010, which block is it counted?
Similarly if travel starts on 28 March 2010 and ends 4 April 2010, in which financial year is the exemption to be availed?
Thanks & Regds
Anubhav
From India
LTA is exempted from Income Tax once in two years in a block of four years. Therefore, if you claim it in Jan 2010, you can not claim it again in March 2010. However, you can claim it in May 2010 provided you had not availed it in preceding two years; but if so claimed you can not claim it for another three years.
If the journey is undertaken in December to January period, then it is deemed to have conducted inn the same financial year. However, in the case of journey started in March and ended in April, you may have to get get clarification from Finance Department. Please bear with me.
Regards,
Madhu.T.K
From India, Kannur
4249If the journey is undertaken in December to January period, then it is deemed to have conducted inn the same financial year. However, in the case of journey started in March and ended in April, you may have to get get clarification from Finance Department. Please bear with me.
Regards,
Madhu.T.K
From India, Kannur
Hi,
Pardon me as I am novice but I read that I can claim LTA in 4 consecutive years also till 2 claims in block of 4 years is maintained. They say I can claim in 2008+2009+2010+2011 in continuation; provided I have not taken in 2006/2007 and will not claim 2012/2013.
That thread might have incorrect info but can you refer me to the section/clause/rule where this restrictionr is mentioned?
2010 is start of fresh block so why do you mention previous 2 year restriction?
On journey starting in dec'09 and ending in jan'10, it is important to know becasue will my claim be counted in block of 2006-09 or 2010-2013?
From India
Pardon me as I am novice but I read that I can claim LTA in 4 consecutive years also till 2 claims in block of 4 years is maintained. They say I can claim in 2008+2009+2010+2011 in continuation; provided I have not taken in 2006/2007 and will not claim 2012/2013.
That thread might have incorrect info but can you refer me to the section/clause/rule where this restrictionr is mentioned?
2010 is start of fresh block so why do you mention previous 2 year restriction?
On journey starting in dec'09 and ending in jan'10, it is important to know becasue will my claim be counted in block of 2006-09 or 2010-2013?
From India
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Cap on LTA Claims.pdf