Tax effect & exemption on Loan from Employer #employee #loan #tax #exemption #employer #salaried

Contact us on +91-7042631642 for any queries and consultation YouTube:    / @fin.cap26   Instagram:   / fin.cap26   This video explores the rules, tax implications, and exemptions surrounding employer-provided loans for employees. Key Takeaways Availability: There is no legal mandate for employers to provide loans; it is entirely at the discretion of the organization's policies, HR terms, and management approval (0:30-1:12). Taxable Perquisites: If an employer provides an interest-free or low-interest loan, the financial benefit is considered a taxable perquisite under the head 'Salaries' (3:23-3:55). Tax Calculation (4:25-5:50): Calculate the outstanding balance on the last day of each month. Use the SBI interest rate declared on the first day of the tax year. The difference between the SBI rate and the actual interest paid to the employer represents the taxable amount. Exemptions (6:06-7:55) Threshold: Loans up to ₹2,00,000 are exempt from tax. Medical Treatment: Loans taken for the treatment of specified diseases (e.g., AIDS, cancer, TB, burn injuries) are tax-exempt. Insurance Exception: If the employee receives reimbursement from an insurance company for medical expenses, the tax exemption only applies to the remaining balance not covered by insurance. Always review your specific employment contract and consult with a professional when filing your Income Tax Return (ITR) to ensure compliance with these rules (9:38-9:42). #employee #loan #tax #exemption #employer #salaried #trending #trendingvideo #youtube #creator #learning #finance #tips #youtubeshorts #shorts #viral