Dear Pankaj,
I am working in a company,where my LTA is Rs.64000 per year. Now,I want to know,can this amount be claimed in 2 parts by taking leave for the corresponding period,as my home destination air tickets are not sufficient to cover the entire amount in one time.
Income tax exemption is only available for maximum a single travel in a year and also maximum twice in a period of four year block (decided by Govt.). Last block was 1st Jan 2006-31 Dec 2009 and current one is 1st Jan 2010- 31st Dec 2013.
In case you claimed two travels in a year, only the higher one can be claimed for tax exemption.
