Lta Claim Year Slot
Though you can claim two journeys in a block of four years, you can claim the LTA benefit just once in a year. You cannot claim both the journeys in one year. So, while a person can get an income tax exemption for two journeys in a block of four calendar years, he can make a trip only once a year. If you make two trips in a year, you lose one. Jan 16, 2017 To make use of this benefit, you need to travel in the first calendar year of the next block. “LTA is the only exemption one needs to claim in a calendar year. The rest are based on the financial year,” says Agrawal. The block applicable for the current period is calendar years 2014-2017. The previous block was calendar years 2010-2013.
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- Nov 17, 2018 An employee can take LTA in two simultaneous years, but to do so, he may not claim it in either of the other two years in that same four-year block.
- In this block year, an employee can claim LTA for two journeys that have occurred during 2014-17, however, if the employee has not made any claims, then the exemption gets moved to the next year and not to the next block.
LTA is leave travel allowance meant for making tax exempt holiday once in period of two years with or without family. Air travel, train ticket cost (economy or first class AC), hotel and taxi bills within India (no abroad) are allowed. Full LTA that is part of CTC can be claimed with receipts.
LTA is the short form for Leave Travel Allowance. It is part of your CTC and can be used to make your travel costs tax-free legally in the Indian Taxation system.
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Although it is good that a salaried person is exempted from paying tax on the amount, he spends on travel expenses of his family, he can only do so twice in a block of 4 years.
There are other restrictions too with respect to claiming LTA and we discuss them here.
LTA Terms & Conditions
#Travel Expenses
Only travel fare i.e. either by Air, train or bus qualifies for exemption.
No food, hotel, sightseeing, etc. expenses are allowed for a claim in LTA.
You can hire a taxi if there is no train, air or bus travel option available to your destination.
#Travel outside India
Thinking of a vacation in Bangkok? Forget LTA!
LTA tax exemption is only allowed for travel expenses to a destination within India.
FYI, Andaman and Nicobar islands are part of India.
#Family
You can take your dependent parents, dependent siblings, spouse, and two children.
All their travel expenses will be exempted.
#Luxury Travel
Tax exemption can only be claimed for economy class airfare, first-class AC rail fare, or first/ deluxe class bus fare.
#LTA tax exemption Limit
The full amount as specified in your CTC letter or given by your employer is exempt if you can provide the bills for it.
Note that only Travel expenses can be claimed.
#Carry forward your unspent LTA
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If you have not claimed your LTA in the first year, the amount is accumulated in your kitty.
Hence, you can claim a higher amount if you travel next year.
Year 1 amount + year 2 amount is available for the LTA tax exemption claim in year 2.
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#Double Dip LTA
If both husband and wife are receiving LTA from their respective employers, then they both can claim LTA in the same year but for DIFFERENT journey’s.
One journey on which both husband and wife traveled cannot be claimed twice separately, even though they work in different companies.
There is no mechanism to verify this but, it is illegal to do so.
If caught by the income tax officer, you can be penalized.
LTA Bouquet of Benefits
Some companies have the option of specifying your own LTA amount in the various kitty of allowances as per your preferences. It is generally called Bouquet Of Benefits (BoB). In this case, they fix the total amount of BoB and leave the various allowance figures for you to decide.
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This is generally done to give you a free hand on what you think is the best for you to save tax.
For e.g. A common BoB could be something like this:
ComponentMonth/ AnnualMax. Tax ExemptionHouse Rent Allowance (HRA)7k/84kDepends on Basic Salary and city of residence.Conveyance Allowance800/9.6kMax 800 per monthMedical Allowance1.25k/15kMax 1.25k per monthFood Coupons2k/24kMax 3000 per monthLTA1k/12kNo Maximum limitPersonal Allowance11k/131kFULLY TaxableTotal23k/276kIn this example, there are various tax saving options via different kinds of allowances including LTA. If you look at the structure carefully, there is an allowance called Personal allowance which is FULLY taxed.
Now, the point I am trying to make here is that all other allowance (except personal allow. – which is FULLY taxed), have a maximum limit for tax exemption. Hence, you can use LTA for your advantage and declare it as the maximum value after consuming the maximum amount of other expenses and then reducing personal allowance.
You may argue that you may NOT travel and hence would not be able to claim any tax benefit.
I would say that it won’t make any difference even if you declare it and not claim it. But if you do NOT declare it, you are anyway going to be taxed on personal allowance amount and cannot claim in case you do travel!
This is also the reason behind saying that consume all other tax-saving allowances to their maximum before increasing LTA.
So, I would say that this should be the ideal BoB for this example:
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I hope this will clarify lot of queries about LTA in your mind.
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