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?
2 Replies
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.......
Recent Topics
- Is TCS applicable on sale of used car by a Compnay
- Hsn wise data in GSTR 1
- Accounting treatment of Conversion of a part of Ag
- AO's Query on Bad Debt Claim – Need Guidance
- Capital account entry in tally
- TDS Applicability on Commercial Photography & C
- CSR via Trusts and Form 10BE - Legality of 80G Cla
- NRO Conversion vs Closing Account and Gifting to M
- Exchange gain loss
- Donation to Prime Minister Relief Fund
Related Threads
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
