POSTED BY March 5, 2013 12:43 pm COMMENTS (6)ON
This query is regarding my tax liability on some of the amount which I recieved in the current financial year other than salary. Apart from my salary credited every month, following are the major amounts credited to my account in the current financial year.
Rs 40000 – As reimbursement from my company for my expenses during an overseas official trip. About 30000 is perdiem allovance and the remaining is against bills.
Rs110000 – As housing loan from company. I repay this loan from my salary in 24 equal installments.
Rs30000 – Provided by parents.
I got to know from the discussions here that the amount provided by parents are completely tax free and a gift deed will be all that is needed as proof. I would like to know the tax implications on the other two credits to my account.