Valuation of motor car perquisite
This query is : Resolved
02 July 2012
Hi Sir,
In my Company, an employee having a car not owned by himself. It is owned by his friend. He is using that car wholly and exclusively for official purpose. Company reimburse maintenance, chauffeur and petrol expenses.
Is it taxable in hands of employee?
Thanks
Yogin Modi
In my Company, an employee having a car not owned by himself. It is owned by his friend. He is using that car wholly and exclusively for official purpose. Company reimburse maintenance, chauffeur and petrol expenses.
Is it taxable in hands of employee?
Thanks
Yogin Modi
03 July 2012
As per the new Rule 3, perquisite value shall be nil in case the car (whether owned by employer or not)is used wholly and exclusively for official duties, subject to the following:
- the employer has maintained complete details of journey undertaken for official purpose which may include date of journey, destination, mileage, and the amount of expenditure incurred thereon; and
- the employer gives a certificate to the effect that the expenditure was incurred wholly and exclusively for the performance of official duties.
- the employer has maintained complete details of journey undertaken for official purpose which may include date of journey, destination, mileage, and the amount of expenditure incurred thereon; and
- the employer gives a certificate to the effect that the expenditure was incurred wholly and exclusively for the performance of official duties.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- UDIN ISSUE
- GST ISSUE OF INPUT AND OUTPUT GST
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Salary from Qatar in Dollars in India
- Change Of Karta In Case of Death
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
