19 November 2010
If Mr. X takes a loan from his employer @ 12% (Loan amt. Rs. 250000), it will be considered as a perquisite and included in his gross total income, what will be the taxable amt. in this case? Do we have to take the rate of Interest charged by State bank of India as Base rate?
19 November 2010
SBI lending rates is between 9.75% - 11% as on 01.04.2009 applicable for F.Y.2009-10 A.Y.2010-11 for housing loan. Generally there would be concessional rate of interest is provided by the employer to their employees. As the rate of interest is 12%, I dont think any perquisites is chargeable to income tax.
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