Income Tax - LTA CASH VOUCHER and F&O Loss

  1. For FY 21 my employer due to some reason was not able to give me benefit of LTA Cash Voucher scheme. Can I claim the same while filing returns ? All purchases made between stipulated dates Oct 12, 2020 and March 31, 2021

  2. For FY21 I had transferred some money to my mother (pensioner)'s trading account. There are losses on the trading (F&O) that had been done on the trading account. Can those losses set off against my income ? there is a clear trail of money going from my account to my mothers trading account and we can have an undertaking where it can be agreed between me and my mom that all profits and losses on trading are to my benefit/ loss.

Note : My mother has pension and income from rental and fixed depoists.

@Divya_Singhvi @Laxmi_Navlani @Kaushal_Soni @AkashJhaveri can you?

Hi @Khushinder_Mohan

  1. An employee can claim an LTC exemption once he fulfills the required criteria.
    You can claim the available LTC exemption while filing Income Tax Return if the invoices are submitted to your employer and the claim has been settled before 31st March 2021.

  2. Clubbing of income/loss does not apply for income earned or loss incurred on money gifted or transferred by children to their parents

Thanks…if money transfered to my mother on revocable basis then income earned or loss incurred may be clubbed…pls review based on the clubbing provisions that do talk about it being applicable if transfer is on revocable basis…

also I submitted invoices on LTA cash voucher to my employer who wasnt able to process due to a technological constraint. May I claim the exemption while filing ITR ? what do you mean by claim has been settled ? My employer gave the LTC amount to me as cash after deducting tax