Suppose, an employer gives his employee - A Flat - for reasons which are not connected to his employment(say, it is given by virtue of their friendship), then what will be the tax treatment of such house?
Sanmitra Sanjeev Ratnaparkhi (-) (223 Points)
19 April 2014Suppose, an employer gives his employee - A Flat - for reasons which are not connected to his employment(say, it is given by virtue of their friendship), then what will be the tax treatment of such house?
veeru sagar
(BBE,M.com,CA Final )
(468 Points)
Replied 19 April 2014
dear sanmitra
if the employer paid any gift or amount to the employee that amount or gift shall be chageable to tax in the head of salary income as you have explained the flat is gift by the employer to employee in the friendship relation than it will be charged to tax under the head of other sources and tax would be calculated on the fair value of flat.
Sanmitra Sanjeev Ratnaparkhi
(-)
(223 Points)
Replied 19 April 2014
Once again thank you so much.
Have a great day ahead.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
