Tax on education cost
This query is : Resolved
18 January 2013
IF THE EDU. INSTITUTION IS MAINTAINED BY EMPLOYER.
WHAT AMT WOULD BE TAXABLE IN THE HANDS OF THE EMPLOYEE IF THE COST OF HIS CHILD'S EDUCATION IS RS. 1200/- PM ?
THE ENTIRE AMT / RS. 2400 ?
IF THE EDU. INSTITUTION IS MAINTAINED BY EMPLOYER.
WHAT AMT WOULD BE TAXABLE IN THE HANDS OF THE EMPLOYEE IF THE COST OF HIS CHILD'S EDUCATION IS RS. 1200/- PM ?
THE ENTIRE AMT / RS. 2400 ?
CA PARAS BAFNA
(Expert)
19 January 2013
Since the value of such benefit exceeds Rs.1,000 p.m. Perquisite is taken @ 200pm.
.
According to Rule 3(5) Rs. 1000/- can be treated as an exemption.
.
/Rs.2400 is the "correct answer" .
.
According to Rule 3(5) Rs. 1000/- can be treated as an exemption.
.
/Rs.2400 is the "correct answer" .
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