Asset allowance

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Rajiv Kr. Bhardwaj (Querist)
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16 May 2013 Dear Sir,

American Express is giving Assets Allowance to its employees along-with Basic salary, HRA, Transport Allowance, LTA etc.

Please let me know what is 'Asset Allowance' and what is treatment under income tax , I mean is it taxable in the hands of employee like any other allowance or not?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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16 May 2013 Any allowance is given for official purpose is not taxable.otherwise fully taxable

Rajiv Kr. Bhardwaj

Rajiv Kr. Bhardwaj (Querist)
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17 May 2013 Thanks Mr. Ramesh,

I also know that any allowance is given for purpose of official purpose is non taxable.
Actulaay I want to know the nature of 'ASSEST ALLOWANCE" I mean for which it s given.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 May 2013 Nature of allowance is differ from business to business and employer to employer based on requirement. purpose need to check with concerned employee or employer only

Rajiv Kr. Bhardwaj

Rajiv Kr. Bhardwaj (Querist)
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18 May 2013 Thank you sir

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