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Definition of Self-hiring

 
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Definition of Self-hiring
smimranhaider
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#4
02-25-2010, 07:55 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by faisal_desperado</i>
<br />Dear,

If an employee has rented out his own (or his family members’) property to the employer and employer has provided the same to the same employee (Let’s suppose, A is an employee and B is his employer, A rented his house to B and B provided the same to A). This transaction will have two fold effects, first, this will be treated as a rent free accommodation to employee on behalf of employer and fair market value of rent will be added to the taxable income of the employee under the head Salary, since this is to be treated as a perquisite to employee.

Second, Value of fair market rent, during a specified year, will be taxable to employee (landlord) under the head “Income from Property”.

Should still any confusion exists, let me know.

Best Regards,

Faisal.

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">


It mean if the Rent amount is paid to the (A)landlord it will be consider Income from Property & if the the rent is not paying then fair market value of rent will be determined & added to the head SALARY.

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Messages In This Thread
Definition of Self-hiring - by smimranhaider - 02-25-2010, 03:53 PM
[No subject] - by awaisaftab - 02-25-2010, 05:31 PM
[No subject] - by faisal_desperado - 02-25-2010, 05:56 PM
[No subject] - by smimranhaider - 02-25-2010, 07:55 PM
[No subject] - by LapTop - 02-25-2010, 08:02 PM
[No subject] - by smimranhaider - 02-25-2010, 08:15 PM
[No subject] - by faisal_desperado - 03-04-2010, 02:06 AM
[No subject] - by smimranhaider - 03-08-2010, 04:10 PM
[No subject] - by LapTop - 03-08-2010, 06:48 PM
[No subject] - by smimranhaider - 03-08-2010, 07:48 PM
[No subject] - by LapTop - 03-08-2010, 08:23 PM

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