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Expenses by employees on company-leased flats exempted from tax

1 Comment Sub Category:Court Orders,Delhi-NCR Posted On: Aug 28, 2012

In a influential verdict, the Delhi High Court has ruled that in case of employees living in company-leased accommodation, money spent on repairs and renovations of such residences is not taxable.

The ruling is set to have far reaching impact. If unchallenged in the Supreme Court, it implies those living in company-provided accommodation will not have to pay tax on expenses incurred by their employers on repair and renovation of their houses.

However, there would be reasonable restrictions in such matters.

The ruling is continuation of a long drawn battle. The matter first came under spot light after income-tax department (I-T) issued a notice on Scott R Bayman, who was then the president and CEO of GE’s India unit, for not including the value of taxable benefits in his income for the financial year 1993-94 after renovation amounting to almost Rs. 60 Lakhs was carried out by the company in his apartment.

To read more real estate news:

BJP presses for implementation of DOA Act in Delhi

 

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