Salary

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Querist : Anonymous

Querist : Anonymous (Querist)

15 October 2012 A person who is receiving House Rent Allowance , can claim deduction of Principal EMI Repayment of Huse Loan Taken ?

Gaurav Tripathi

Gaurav Tripathi (Expert)
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15 October 2012 Yes 100% of the principal amount paid by him.

Querist : Anonymous

Querist : Anonymous (Querist)

15 October 2012 But how is it possible ?

Means HRA is given to that employee who does not possess his own home.

And How can a person at a time show that he is living in rented house and have his house too ?

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Gaurav Tripathi

Gaurav Tripathi (Expert)
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15 October 2012 Dont get confused here....

Its two different points:

1. HRA as he is living on Rent.
2. If he is paying istealments for his/her flat for which he/she havent received the possetion till yet.

"If he is paying instalment it never means that he/she had the pocession."

However it depends on condition of housing loan.

Is it clear if not reply.

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Querist : Anonymous

Querist : Anonymous (Querist)

16 October 2012 Yes Sir ,

Now it is clear to me...Thanx alot...

Querist : Anonymous

Querist : Anonymous (Querist)

16 October 2012 Sir , I want to ask one more thing..

As we know that there are some perquisites which if provided by the company to the employee are not taxable with or without some conditions..Lik

Free Meals are exempt Rs. 50 per meal & so on.

So , now my question is that such perquisites are neither taxable for employees nor for companies.

Since now FBT has been removed , so company will claim it as an expense of Salary , and employee will take exepmtion as per Rs. 50 per meal provision ...

Is it so ?

Gaurav Tripathi

Gaurav Tripathi (Expert)
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16 October 2012 I am not practicing nor in direct taxation. So,I will advice to Refer to latest readyrecnor for updated information.

Additionally your understanding is true till the best of my knowledge belif.

Such amount is not taxable for company as it covers under Employees welfare which hits P&L.

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CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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16 October 2012 hra and 80 c both can be claimed
it is also not neccessary that the house which u have taken , ur staying in dat house. say uve purchased house in kolkata but due to ur job ur staying in some other state

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Querist : Anonymous

Querist : Anonymous (Querist)

17 October 2012 Ok mam , thanx ...Do u have any idea about perquisites ?

If yes then kindly reply the query which i have stated regarding perquisites above ?

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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17 October 2012 Company can claim it as an Expenses under the Account Head Employee Benefit Expenses, the employee can claim exemption

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