Rent paid for holiday home situated in some other city in India for the employees of the company is allowed as a deduction as per IT act?
Kanupriya Agarwal (Partner) (25 Points)
16 January 2014Rent paid for holiday home situated in some other city in India for the employees of the company is allowed as a deduction as per IT act?
Kulwant Singh Khalsa
(CA STUDENT)
(105 Points)
Replied 16 January 2014
As per section 37(1)(iii) only those expenses are allowed which are wholly and exclusively for the the purposes of the business or profession of the assessee.
or
You can include this in the income of the employees as perquisite for accomodation and then get deduction for the same.(but not sure, confirm it first from others)
Nishad
(student)
(52 Points)
Replied 16 January 2014
yes you may claim it as a perquisite to your employee.
lets see what other replies.......
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