We, at Travel7c have two options for you. We can offer you special LTC Packages - we have delightful packages for the domestic itinerary, while if you're eyeing an international destination, we have a few exciting packages for you as well. If you wish to travel within the country, then please check our Indian Holidays Package.
We have several LTC Packages for the domestic traveller and the good news for you is that we can modify and tailor these domestic packages according to your requirements. So, go right ahead and book your LTC Package right away with us.
Leave Travel Concession (LTC) is nothing but a type of salary component where your employer is providing some yearly benefit to travel with your family. Usually it is mentioned as yearly component but will be paid on monthly wise. This facility will be availed to only "Family" members. Family meaning for this purpose includes spouse and children. The point to be noted that if you have more than two children then you can claim for up to only two children, not more than that. It also includes brothers, sisters and parents who are wholly or mainly dependent upon the employee. Below are the few features which you must understand it.
LTA is one of best Tax saving tools available to employees. As per the rules you can claim the LTA benefit only twice during the block of 4 years. For this purpose following condition should be satisfied.
Tax exemption on LTA can only be claimed if you have applied for leave from your company for travel and if you actual make a journey.
LTA covers only the cost of travel for the trip. Hotel accommodation, food, etc. cannot be claimed for exemption.
LTA exemption covers you and your family. A family, under LTA, includes spouse, parents, siblings, and children. The cost of other relatives cannot be claimed.
LTA can be claimed twice in a block. The blocks are decided by government. They are 2010-2013, 2014-2017 and so on.
LTA can be claimed for travel through rail, air or any other public transport. However, you should keep in handy the proof of travel as it may be needed by your employer.
No, LTA covers only domestic travel.
LTA exemption is limited to the amount of LTA paid to the employee as part of the CTC. One cannot claim exemption beyond the actual LTA amount being provided.
Yes, both the spouses can claim the exemption on LTA from their employers. However, both of them cannot claim for the same journey.
Yes. In case you have only claimed LTA for one journey in a block, you can make another journey in the first year of the next block and claim it. In such a case, 3 journeys can be claimed for the block in total.
No, LTA cannot be claimed for the family if you as a claiming person are not included in the travel.
LTA exemption is available for the shortest route travelled and can be availed only for travel on working days. You can also claim LTA while filing your taxes. Proofs are not needed by the I-T department initially, but it is always better to keep them handy.