Dear Friends,
I have seen a situation wherein an employee claiming self lease in the pleace of HRA is being taxed twice......................... once as a perquisit in his salary income (as it happened in Thirsd party Lease) and on other hand as House property Income for leting the house to the Corporation employee (ie indirectly to himself).....!!
please clearify the correct tax treatment.......!!!!
Dear friend!
In cases of such self leases made by employees to their employers;
the quantum of HRA or lease amount paid or by any other name provided for such residence, the same should be considered for the purpose of valuation of perquisite for providing housing accommodation and again as income under the head 'house property'.
He would however be entilted to all other deductions available under the head 'house property' subject to his fulfilling the relevant eligibility norms.
Do post your response!
Good Bye! Cheers!!
| Originally posted by :Ramakrishna | ||
| " | well, i agree..........!! but i'd like to kw is there any relief under income tax act as he is being taxed twice...!! | " |
CAclubindia
