Likewise, people ask, is LTC claim taxable?
LTA, also known as leave travel concession (LTC), cannot be claimed every year and you may not be able to claim exemption on the full amount. It is most likely that LTA is a part of your salary package but it will not be treated as tax-free income every year under section 10(5) of The Income Tax Act, 1961.
Also, how do I claim LTA for tax exemption? To avail of the tax break, the employee has to furnish documentary evidence of the travel to the employer. In case you don't travel at all or you don't submit the travel bills, the LTA amount gets paid as part of the employee's salary after tax deduction as per the applicable income slab.
Beside above, how much LTA is tax exempt?
For example, if LTA granted by employer is Rs 30,000 and actual eligible travel cost incurred by employee is Rs 20,000, exemption is available only to the extent of Rs 20,000 and balance Rs 10,000 would be included in taxable salary income.
How much LTC can be claimed?
Usually LTC can be availed twice in a block of a four calendar years. Current block of years will be as below. 2014-2017 (From 1st January 2014 to 31st December 2017). As said above you can claim only twice in a block of 4 years period.
