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(Querist)
02 March 2011 for the valuation of movable assets given to emloyee for use:
whether only those movable assets which are not older more than 10 years are to be taken.
please clarify
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
03 March 2011 1. I am having doubt ,
but would like to clarify that the concpet of 10% of cost of
it is taken for perquisite valuation when the movable asset is other than Electronic items, computer and motor car.

2. Such Movable assets older than 10 years
can be given at free of cost to the employee , as there will be no taxable perquisite in the hand of the employee.

3. From the above, logically, it can be said that the entire cost is charged to tax in 10 years in the hands of employee.
and as such asset older than 10 years may not be considered for perks valuation.
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