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of <h1>LTC Tax Exemption Clarified: Section 10(5) Allows Once-in-Four-Year Exemption for Travel in India, Conditions Apply.</h1> The circular clarifies the exemption of leave travel concession (LTC) under section 10(5) of the Income-tax Act, 1961. It specifies that an employee can receive tax exemption for LTC when traveling within India during leave or after retirement, subject to certain conditions. The exemption applies once in a block of four calendar years starting from 1974. If multiple LTCs are availed within a block, only the first is fully exempt; subsequent concessions are limited to the amount equivalent to travel to the employee's home district. Any excess is treated as taxable salary income.
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