27 November 2013
If an employee takes loan amounting to Rs.15000 in the month of April 2012 and repays it by December and again takes loan in the month of January 2013 amounting to Rs.15000, Whether interest on the above aggregate amount of Rs.30000 is taxable as perquisite. OR He has repaid Rs.15000 in that Previous year only, and as the amount outstanding during the previous year does not exceed Rs.20000, is it not liable to tax as perquisite?
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