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Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on May 28, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Question by Princee on Mar 24, 2024Hindi

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My daughter gets leave travel allowance (LTA) of Rs. 3300 as a part of her salary along with other components like basic, hra, da etc. Can this amount (LTA) be exempted from income tax?

Ans: If she claims LTA as reimbursement then it can be exempted. For claiming LTA exempt, it can be done once every 2 years and she needs to be absent from work for a week continuously.

Please take your CAs advice before moving ahead.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I have've question related to Leave Travel Allowance exemption. Can I claim LTA exemption for two separate journeys, made in two consecutive calendar years, but in same assessment year? First journey: December 2020 Second journey: January 2021 I haven't claimed any exemption in the current block of four years. Both journeys are not in continuity. LTA has been paid by company separately. Both fall in same assessment year. Further I wish to utilise the cash voucher scheme.

Ans: LTA exemption is available for only two journeys performed in a block of four calendar years. So you can claim for those two journeys which fall in the block of four calendar years, since you have not claimed in the same block.

The cash voucher scheme is an alternative to LTA/LTC. As per the scheme, you will have to purchase goods and services attracting GST of 12 per cent, or more, by digital means between October 12, 2020, and March 31, 2021. The individual would then be allowed to claim one third the amount of the bills as tax exempt LTA/LTC, without submission of travel proof.

You can claim a maximum of one-third of the amount spent or up to Rs 36,000 per family member, whichever is lower by submitting bills.

You need to choose between cash vouchers and LTC. You can't claim both together

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For a salaried employee, if they don't have LTA component in their Form 16, but get some part of salary as miscellaneous allowance. Can they claim LTA on the basis of this miscellaneous componentm

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Asked by Anonymous - Oct 10, 2023Hindi

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sir, i am an ex-psu employee & retired on 31st january, 2023. i have received leave encashment payment on retirement in april, 2023. Am i eligible to claim tax exemption of rs 25 lacs on leave salary while filing itr for fy 23-24? kindly advise.

Ans: In pursuance to the proposal in the Budget Speech, 2023, by the hon’ble FM,
the Central Government has notified the increased limit for tax exemption on leave
encashment on retirement or otherwise of non-government salaried employees to Rs.
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LTA amount is given by my company each year. Is that amount exempted over and above of taxed amount in the new tax regime? How to show it, can I show it accumulating 4 years amount in one year?My yearly salary is 14 Lakh approx. I fall in ITR 1.

Ans: Leave Travel Allowance deduction is not allowed under new tax regime.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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