salary or house property
This query is : Resolved
30 October 2008
Dear All,
I want to answer of following query:-
Our Co. (PSU) has taken one house on lease from an employee (Lessor) and reversely given to the same employee for living to him & his family. It means employee enjoying perquisite from employer and as well as receiving amount from Co. as lease amount. I want to know, is it "house property income" OR "perquisite under the head salary" in the hand of employee.
If this is perquisite then is co. liable to deduct the tax.
Plz. mention Section or rule on which you will give answer
Thanks
I want to answer of following query:-
Our Co. (PSU) has taken one house on lease from an employee (Lessor) and reversely given to the same employee for living to him & his family. It means employee enjoying perquisite from employer and as well as receiving amount from Co. as lease amount. I want to know, is it "house property income" OR "perquisite under the head salary" in the hand of employee.
If this is perquisite then is co. liable to deduct the tax.
Plz. mention Section or rule on which you will give answer
Thanks
30 October 2008
The rent received by the employee is House property income.
The accommodation enjoyed by him will be valued as per IT Act as perks.
The accommodation enjoyed by him will be valued as per IT Act as perks.
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