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What is Leave Travel Allowance

LTA or leave travel concession is the allowance paid by your employer to cover your travel expenses, while you go on leave with or without your family. LTA forms a part of your cost to company (CTC) and is given as a yearly benefit but can be availed of monthly.

You can avail of an LTA from:

The amount received as LTA is tax-free up to a certain limit under Section 10(5) of the Income Tax Act, 1961. This means you can deduct LTA as an exemption from your taxable income.

Conditions to avail of LTA exemption

Let’s look at the requirements to claim LTA in your Income Tax Return.

What is LTC Cash Voucher Scheme?

The LTC Cash Voucher Scheme was first announced in Oct 2020, by Finance Minister N.Sitharaman in a bid to stimulate demand in a faltering Indian economy. It was officially ratified during the Union Budget 2021.The scheme allows you to claim LTC tax exemption without travelling provided you:

For example, if you and your family are eligible for LTC of Rs. 60,000, you would need to spend at least Rs.1,80,000 (60,000X3) to qualify for tax rebate. Though the GST would push the final invoice value over Rs. 2,00,000, your out-of-pocket expenses would be much less.

Both public as well as private sector employees are eligible for the scheme. However, the benefits are only available for those opting for the old income tax regime. In other words, those opting for the new simplified regime are not eligible.How often can one claim LTA?

LTA exemption is allowed as per block calendar years created by the Income Tax Department. You can claim LTA exemption for two journeys taken within a block of four years. The current block year runs from 1.1.2018 to 31.12.2021. Therefore, within this four-year period, you can avail of an LTA exemption for your travel expenses for two holidays. Moreover, if you do not utilize this exemption in a year, you can carry forward the benefit amount to the next year. You are also allowed to carry forward LTA to the next block that runs from 1.1 2022 to 31.12.2026.

Let's understand LTA exemption through an example:

Sanjay went on a holiday to Kerala with his family and friends. He received Rs 50,000 as LTA from his employer. However, he spent Rs 30,000 for the air tickets of his family.

The total LTA exemption he can claim is Rs 30,000, an amount he spent. The balance amount of Rs 20,000 received as LTA will be added in his taxable income​​​​​​​Who is eligible to claim LTA?Employees across public and private sectors can claim LTA benefit, regardless of when they started working. In other words, an employee does not have wait for a certain amount of time after joining a company to be eligible for LTA.  However, the maximum amount of LTA coverage is at the sole discretion of the management. If LTA is part of your CTC, it should be included in your final settlement when you leave an organisation.

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