21 October 2009
how to solve the following point :
1.free car facility for x and his family members only for private use.(expenditure of the employer including normal wear and tear: RS.121000) Rs.121000
2.on october 1,2009,the employer gives a housing loan of Rs.1170000 @ 11% per annum(replayable in 15years)
solve it by(A) if a non government emplyee (B) if goverment employee...
21 October 2009
1. If you are asking for the AY 2010-2011, then valuation rules are still awaited since treatment as perquisites in the hands of employee. If it is for AY 2009-2010 it will be taxed as FBT in the hands of Employer.
2. Employee can avail Deduction under section 24(b) for housing loan depending upon the whether self accupied or rented.
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