Tax Implications

Hi ,

I am employer entering into a triparte agreement with a financier for providing the vehicle to my employees.The financier offers me to either opt for hire purchase based option where based upon a down payment and monthly payment of the installments on behalf of the employee or to have lease payments to be paid without any down payments.

These EMI or lease payments would be a part of the CTC of the employee.

would like to know what are the tax implications on the employee and the employer for lease V/s Hire purchase.