CCI Online Learning
50% OFF in CA/CS/CMA Subjects
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Valuation of motor car perquisite

This query is : Resolved 

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


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.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


Similar Resolved Queries :





Trending Tags
GST Live Class    |    x