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Car transferred to Employees after 4 years

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05 November 2009 In our company there is a Car scheme OYC (Own Your Car) by which the employee contributes 10% of the Car value and the company pays the rest over 4 years. After 4 years the car gets transfered in the name of the employee. This was subject to FBT and now with FBT abolished, will the car transfer in the name of the employee (after 4 years) be treated as a perquisite in the hands of the employee u/s 17(2) (viii) of te Income Tax Act. Also what will be the value of the perquisite.

Kindly advise.

Thank you.
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Bishwajeet

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Bishwajeet (Expert)
05 November 2009 yes . Value = total price of car - whatever employee has paid.
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