Salary
This query is : Resolved
01 September 2012
If employee has been given a car for conveyance by employer and the EMI of the car is being deducted from the monthly salary, then how should it be treated while calculating taxable salary?
01 September 2012
Who is the owner of the VEHICLE? If the employee is the owner, then ...NOT taxble.
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02 September 2012
No, the car ownership is with the employer only
02 September 2012
This (EMI) will make no impact while calculating taxable salary. Simply owner is recovering cost every month from your salaries.
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02 September 2012
Then can we take exemption of the EMI deducted from the salary under any section?
02 September 2012
NO.
As the OWNER of car is your employer so your employer must be getting benefit of Interest amount on loan (if any) taken by your employer.
contact@vkbajaj.co.in
As the OWNER of car is your employer so your employer must be getting benefit of Interest amount on loan (if any) taken by your employer.
contact@vkbajaj.co.in
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03 September 2012
Then should the salary without deducting the EMI, be taken as the taxable salary?
04 September 2012
Sushant, the car is owned by EMPLOYER. EMI is paid by the employee. This should be viewed as LOAN from employee to employer. (Mostly you are HIDING some arrangement between the employer and employee) I know few employers that such arrangements are done and the CAR is transferred to employee at some nominal value say INR1 or INR50 etc. Check the financial lease option.
06 September 2012
Give Clear details as some facts are missing....
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