Internet of Things (IoT) is an Internet-based environment of connected devices and applications. IoT creates an environment where physical devices and sensors are flawlessly combined into information nodes to deliver innovative and smart services for human-being to make their life easier and more efficient. The main objective of the IoT devices-network is to generate data, which are converted into useful information by the data analysis process, it also provides useful resources to the end users. IoT resource management is a key challenge to ensure the quality of end user experience. Many IoT smart devices and technologies like sensors, actuators, RFID, UMTS, 3G, and GSM etc. are used to develop IoT networks. Cloud Computing plays an important role in these networks deployment by providing physical resources as virtualized resources consist of memory, computation power, network bandwidth, virtualized system and device drivers in secure and pay as per use basis. One of the major concerns of Cloud-based IoT environment is resource management, which ensures efficient resource utilization, load balancing, reduce SLA violation, and improve the system performance by reducing operational cost and energy consumption. Many researchers have been proposed IoT based resource management techniques. The focus of this paper is to investigate these proposed resource allocation techniques and finds which parameters must be considered for improvement in resource allocation for IoT networks. Further, this paper also uncovered challenges and issues of Cloud-based resource allocation for IoT environment.