Income in kind definition

Income in kind means goods, commodities or services, valued according to their fair market value, that are provided to a person or to a third party on such person’s behalf in lieu of cash that is owed to such person;
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Income in kind means any property received into ownership or beneficial use (without acquiring the ownership right), or services received gratuitously, in exchange or at a favourable price (at less than the fair market value set for a particular individual due to the influence of certain interests or transactions), as well as any other benefit (if a benefit giver had a purpose of giving benefit to a particular person), when the equivalent of the property, services or other benefit received in monetary terms would be included in income under the provisions of this Law.
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Income in kind means any noncash item or service received that is not deducted from other income to which the recipient is entitled.
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Examples of Income in kind in a sentence

  • Income in kind for the development of digital careers training content is valued at the market cost of the development of comparable material.

  • Income in kind is not considered as part of the excluded person's income because the value of items of need can only be assigned to recipients.

  • Income in kind shall not be charged solely because a recipient fails to pay his/her rent.

  • Income in kind is never deemed to the AU when it is received by a person who is NOT in the AU.

  • Income in kind is exempt when: • It is provided on the basis of need by a private, nonprofit organization.

  • Income in kind is not counted to the AU of the minor parent living in the home of the unaided senior parent.

  • Income in kind for equipment and materials donated or lent to support the running of the national finals of the skills competitions is valued at current market rates for purchase, where goods given to WorldSkills UK, or hire where goods are lent.

  • Income in kind is included in the Statement of Financial Activities (SoFA) where it has been possible to attribute a value to WorldSkills UK of the donation.

  • Income in kind includes benefits which the households received from employment (employer covers the costs of the household for electricity, cold water, gas, telephone, radio and television subscription, registration of a vehicle, free meals, etc.), or from other sources (for example, relatives or friends pay a bill for electricity, cold water, gas, telephone, radio and television subscription, registration of a vehicle, etc., for the household).

  • Thus pluralistic performance evaluation systems based on multiple and evolving criteria would be a means of more accurately capturing the socio-economic value of PPPs [46-47, 51).


More Definitions of Income in kind

Income in kind means any noncash item or service received that is not deducted from other income to which the recipient of that noncash item or service is entitled.
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Income in kind means goods or services applicant free of charge;
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Related to Income in kind

  • Income interest means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.

  • Net Income means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends.

  • Apportionable income means the gross income of the business taxable under the service classifications of a city's gross receipts tax, including income received from activities outside the city if the income would be taxable under the service classification if received from activities within the city, less any exemptions or deductions available.

  • Consolidated Net Income means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that:

  • Consolidated Assets means all assets which should be listed on the consolidated balance sheet of the Borrower and its Subsidiaries, as determined on a consolidated basis in accordance with GAAP.