Leave Travel Concession -2024

 

Leave Travel Concession -2024

In the case of an individual, the value of any travel concession or assistance received by, or due to, him,—

(a) from his employer for himself and his family, in connection with his proceeding on leave to any place in India;

(b) from his employer or former employer for himself and his family, in connection with his proceeding to any place in India after retirement from service or after the termination of his service,

subject to such conditions as may be prescribed46 (including conditions as to a number of journeys and the amount which shall be exempt per head) having regard to the travel concession or assistance granted to the employees of the Central Government :

Provided that the amount exempt under this clause shall in no case exceed the number of expenses incurred for such travel:

 

Eligible LTA Exemption:

The exemption is available only on the actual travel costs i.e., the air, rail, or bus fare incurred by the employee. No expenses such as local conveyance, sightseeing, hotel accommodation, food, etc., are eligible for this exemption. The exemption is also limited to LTA provided by the employer.

For example, If LTA granted by the employer is Rs 90,000 and the actual eligible travel cost incurred by an employee is Rs 110,000, the exemption is available only to the extent of Rs 90,000, and the balance of Rs 20,000 would be excluded in the taxable salary income.

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