FBT
This query is : Resolved
20 March 2009
I am running pvt. ltd. co. and I am provided rent free unfurnished house to an employee. My company has liabile to pay FBT on rent free unfurnished House? And it is taxable in the hand of employee?
20 March 2009
FBT is not payable on the employer’s contribution to any approved gratuity or provident fund. Expenses incurred in providing subsidized transport facilities to employees will not be subject to tax, neither will house rent allowance or rent-free accommodation. Under most circumstances, no FBT needs to be paid for leave travel allowance.
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