10 October 2009
For the valuation of a rent free accommodation,we need salary which includes Basic salary,DA(forming part of retirement benefit),All Commission,Bonus,Fees and other monetary receipts. My question is what does this "other monetary receipts" mean?Does they include pension from a previous employer?Or is it needed to include pension from the previous employer for the valuation for rent free accommodation?
10 October 2009
Dr. V.K.Singhania's I.T. ready Reckoner says “Salary from all employers received in respect of the period during which accommodation is provided is to be consideredâ€.
Now Salary includes pension also.
So logically it should be part of the salary for the purpose of Rule 3(1).
Let's wait for other expert to express their comments
CAclubindia
