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Education Loan to Employee

This query is : Resolved 
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(Querist)
23 July 2009 Hi
Ours is a Pvt Ltd Co., Can we claim Education Loan given to employee as Business Exp or can we shown as Donation to Employee for education purpose. Amount is Rs.100,000
pls with any case laws
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chetan soni

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chetan soni (Expert)
23 July 2009 as per my opinion it will be part of salary to employee. You can not donate anything to employee, but you can gift him anything. Or else you can pay on behalf of employee to anybody any amount. In all such cases this will be treated as perquisites in the hands of employees. Necessary TDS needs to be done.
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Venkat Rao Marella

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Venkat Rao Marella (Expert)
23 July 2009 Any amounts which take the character of loans cannot be allowed as deduction.
As correctly said by Mr. Chetan, such interest free loans etc will be treated as perqusite in the hands of Employee and TDS should be deducted by the employers accordingly.

Venkat.
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