Leave Travel Allowance: The financial year 2022-23 is about to end soon. In such a situation, people are looking for different ways of tax saving. If you also want to get tax exemption, then you can claim Leave Travel Allowance (LTA). After the reduction in the cases of Corona, people are now making a lot of noise. In such a situation, companies provide the facility of Leave Travel Allowance to their employees. Through this allowance, the company pays the travel ticket to the employee. This also covers the cost of the family ticket. Taxpayer can claim exemption on travel done in the country through Leave Travel Allowance. International travel cannot be included in this.
Tax exemption from LTA is not available every year
You cannot get the benefit of tax exemption through Leave Travel Allowance every year. Along with this, tax exemption on this allowance is available only on limited travel. The thing to note is that only ticket expenses are included in LTA. This includes the cost of train tickets, plane tickets or road tickets. At the same time, other expenses during the journey are not included in LTA.
How many times can you take Leave Travel Allowance?
It is worth noting that you can take the benefit of Leave Travel Allowance only twice in four years. In this, you can get tax exemption on the expenses incurred on the ticket during the journey. This exemption is available under section 10(5) of the Income Tax Act, 1961. It does not include hotel and food expenses. If both husband and wife are employed, then every year both of you can alternatively avail tax exemption.
Which family members get Leave Travel Allowance?
- husband, wife and two children
- parents if they depend on you
- siblings if they depend on you
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