accounting for rent free accommodation (rfa)

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sivamanindragopi (Querist)
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25 December 2016 hello guys need guidance for rfa if x was employee in abc Ltd. .. abc Ltd provides a rent free accommodation facility ..... his salary is 75000 pm and such house is taken on lease by abcltd... how we can do account for that..... WETHER LEASE RENTAL IS CHARGED TO EMPLOYEE ? OR LEASE RENTAL IS CHARGED AS EXPENSES FOR ABC LTD ...

Amol S Joglekar

Amol S Joglekar (Expert)
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26 December 2016 The terms of employment between ABC Ltd and X is to provide rent free accommodation to X, then the rent is the expense of ABC Ltd. The perqisite for rent free accommodaton, if any, as per section 17, shall be taxed in the hands of X

sivamanindragopi

sivamanindragopi (Querist)
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27 December 2016 Wether such rfa is to include in gross salary in pay sheet ?

Amol S Joglekar

Amol S Joglekar (Expert)
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28 December 2016 yes. There is a separate column for "perquisites". You include the same in perquisite. It forms the part of Gross salary

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