Valuation of motor car
This query is : Resolved
Sonal Kulshreshtha
(Querist)
05 April 2010
The company is reimbursing the petrol and repair expenditure of motor car owned by the employee. We are not maintaining any log book, so it would be assumed that it is used partly for official and partly for personal purposes. If the company is reimbursing Rs.13000 p.m., what would be the value of motor car.
In my opinion it should be 13000-2400 p.m.
But one of my peer is saying that it could be taken as fully exempt.
Please advise.
In my opinion it should be 13000-2400 p.m.
But one of my peer is saying that it could be taken as fully exempt.
Please advise.
VIKAS AGGARWAL
(Expert)
05 April 2010
you are correct it would be 13000 minus 1800 or 2400 as the case may be.
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