Motor Car Perk Valuation Urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 March 2010
A employee is entiltled to 100 litres fuel pm @ 50 rS. tHE CAR is owned by brother which the employee use for both business & private purpose. What will be the perk if fuel actially utilisited is 70%ie Rs. 3500. bal not utilised. What will be taxable value of perk and exempt amount
what will be the answer if the car is own by wife and not by brother, & other thing remaining the same
plz reply friend at the earliest.
thanks in advance
what will be the answer if the car is own by wife and not by brother, & other thing remaining the same
plz reply friend at the earliest.
thanks in advance
CA. B.SRINIVASULU
(Expert)
19 March 2010
Since the car is brought in by the employee and the company is not paying any amount for car utilisation there is no perquisite.
Regarding petrol if he is having log book then based on that you have to calculate perquisite.
Otherwise an adhoc basis has to be followed.
Regarding petrol if he is having log book then based on that you have to calculate perquisite.
Otherwise an adhoc basis has to be followed.
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