Is the LTA exemption available every year?
The tax rules provide for an exemption only in respect of two journeys undertaken in a block of four calendar years
Is the LTA exemption available every year?
Rohit Sharma, Jhansi
No, the LTA exemption is not available every year. The tax rules provide for an exemption only in respect of two journeys undertaken in a block of four calendar years. The current block runs from 2014-2017. If you have not used your exemption during any block on any one or on both occasions, your exemption can be carried over to the next block and used in the calendar year immediately following that block. In such cases, the journey performed to claim such exemption will not be counted for the purposes of regulating future exemptions allowable for the succeeding block.