Perquisit of Leased Accomodation

This query is : Resolved

Kishan L. Agarwal (Querist)
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21 July 2007 Since perk value has been reduced from 20% to 15%,10% & 7.5% depending on the population of the place- Whether a Company can take perk value of 10% for Ranchi which have less than 25lac population and what would be the
conditions of Lease. In all cases, employee gets a house on lease from
company and full rent is paid by company without any amount from
employee. Whether new perk
value will apply only if employee pays some part of rent or new perk
value can be taken even if full lease rent is paid by company.

If employee has to pay part of rent, is there any way for an individual to
take lower perk value for previous FY 2005-06 and file revised return as company cannot make any deduction now. If this rule is applicable, company can start deducting some token amount
from employees for current year. Your suggestions on same, pls.

I shall appreciate if you could reply as early as returns for FY 2006-07
have to be filed before 31.07.2007.
Thanks & regards