Interest Free Loan
This query is : Resolved
Rajesh G Prajapati
(Querist)
28 December 2009
If an employee has taken loan for repairing or rennovation of his house then perk for interest fess laon will under personal loan or housing loan?
CA Tilak Raj Sharma
(Expert)
28 December 2009
Interest at the rate as per SBI will be taxable in the hands of employee as a perk, it does not matter in this case whether loan has been taken for house construction or repair or any other purpose.
Rajesh G Prajapati
(Querist)
28 December 2009
Sir, therer is different rate for calculating perk on 1st April,2009 declared by SBI like for Personal, Housing, Vehicle hence the nature is to be clarified.
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