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Prequisites value of transfer assets (car) to employee

This query is : Resolved 
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(Querist)
22 May 2012 Hi,

is it mandotary to add Prequisites value in Employee taxabe salary, if company sold car to Employee (if Yes)

How we calculate ?


Thanks
padam
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Deepak Nagori

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Deepak Nagori (Expert)
22 May 2012 Yes Padam,

The difference between WDV of the car and the sale consideration shall be taxable as perquisite for the employee. WDV of the car shall be calculated after providing depreciation @ 20% p.a. on WDV method. Depreciation should be calculated only for completed years of usage.
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