LTA exemption urrgent

Question

I joined the Company on 30thjune2008

As per Govt LTA Rules, I could claim LTA exemption maximum twice in four calendar years.current block is jan2006 to dec 2009.

As till date i never claim any LTA exemption in the current block .

So, I wanted to know that Can i claim it twice i.e., First one before December2008 and second till December 2009.

Answer 1

For one particular year, you can claim exemption only once. So while filing tax for this year you will be claiming exemption for this year (2008-09).

In this year, you can't claim exemption for a previous year or the next year.

For your next financial year starting from March 2009, you can claim the second one. But if you were planning to claim both exemptions at one go, not possible.

Answer 2

For salary breakup to get maximum deductions, read:Income From Salary http://mytaxes.in/index.php?topic=17.0

Answer 3

First things  first - you are generally eligible for LTA only after completion of first year of service in the Firm - I think you need to check about this with your Finance people.

You may claim in consecutive years in a block but not twice in the same block.