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Perq. on concessional loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 March 2012 Dear All,
My question is regarding calculation of Perq. of concessional loan.
An employee takes a Vehicle Loan & HOusing loan Rs.30000/- each as on 01/04/2011.
SBI lending rate is 16.50% for vehicle Loan & 10.25% for housing loan. Company recovers int. @12.5% from employee. Below is calculation of int.
Loan Type SBI Rate SBI Int. Int. Recovered Perq. Value
Vehicle Loan 16.50% 3,054 2,445 609
Housing Loan 10.25% 2,409 3,073 (664)
Total 5,463 5,518 (55)
now, in aggregate there is no perquisite because total interest as per SBI lending rate is less than amount recovered from employee. But when we calculate separately in nature of loan wise, we find there is a perq. of Rs.609/- in vehicle loan however No perq. in Housing loan.
So, my question is should we consider in totality or nature of loan wise.

Rgds.
Avinash.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
19 March 2012 you cannot compare the total of the loan. since the interest rate is defined separately need to compare the separate loan interest only.
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