Namaskar, My company provides self lease under which I can give my house on lease to my company and live in that house. My company deducts HRA and Licenese Fee in lieu of Self Lease provided.
I took this facility of self lease between 5th May, 2023 to 31st Mar, 2024 and after that I discontinued it. I am entitled for 50K max self lease and took 45K as per the prevailing rent in my locality of Ghaziabad. In Feb, 2024 we were told that the rent of my house is 35K as decided by a rent fixation committee and as per the policy the company will recover the exccess amount paid, which is 10K per month along with GST paid to Government on the rental amount.
- Since GST was not paid to me, am I liable to pay back GST amount on the recovery amount?
2. Should the company recover the GST from the Government or from me?
3. I had already paid tax as Income from Property on the Lease Amount in FY-2023-24. Can I ask for Tax credit on the recovered amount? If yes, under which section or rule I may ask for Tax Credit?
4. Could you please suggest any Law, Rule or Act which I can quote while asking my company not to deduct GST from the recover?
Kindly guide me. Thanks!
