If I claim LTA Tax Exemption, will it increases my take home salary?

I have travelled from Chennai to Delhi and return in January 2018. As per my employer, LTA is 4423 p.m. i.e. 53076 per annum. But I have traveled for 7430 (up and down) in Economy Class. If I claim LTA Tax Exemption, will it increases my take home salary? What is the benefit of claiming Tax Exemption?

Tax exemption : yes. If you submit the bill today, there may be no change in the take home as lta is disbursed monthly.
Tax will be deducted on the unspent lta in the month of Feb or March.