26 December 2021
Deduction under Section 80GG The following conditions need to be met to claim deduction under this section:
The individual should not be in receipt of any House Rent Allowance from his employer.
The individual has filed a declaration in Form No 10BA.
The assesse or his spouse or minor child or HUF of which he is a member, should not own any residential house property at the place where he ordinarily resides or performs office duties or causes his business or profession.
The assesse should not own any residential accommodation in his or her own occupation, at any other place, whose value is to be determined as per Sec 23(2)(a) or Sec 23(4)(a).
Part of the rent paid by the employer will be considered as HRA payment.
02 January 2022
Yes, it is treated as a accomodation (non monetary perquisite) and TDS paid
The leave and license agreement is between the bank and the landlord. Bank deducts 6000 from my salary and remits total 20,000 to the landlord (14000 borne by bank)
02 January 2022
Now, clarify the tax-ability of the perquisite (amount Rs 14.000/- * 12months) as per form 16. Whether the same has been added to your salary income or tax-free?
02 January 2022
Sir, it has been added to salary income.
Form 12B Contains: Accomodation: Rs....... (14000*12) + Other Perquisities: Rs.... +Perquisite Tax borne by Employer: Rs.... Total Perquisites: Rs..... (x)
Form 16 Contains: Gross Salary +...Value of Perquisites: Rs. X
03 January 2022
For a layman, a perquisite is a benefit received by an employee in excess of his salary. Section 10(10CC) of the I-T Act is an exemption of tax paid by the employer on perquisites not provided by way of monetary payment from being treated as further income of the employee. Tax is paid by the employer on non-monetary perquisites and is exempt in the hands of the employee under this Section.
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