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The value of benefit to the employee resulting from the use or transfer of any movable asset by the employee (or any member of his household) shall be taxable as follows:
Use of Movable Asset
- In case of computer, laptops or car the value of perquisite will be nil
- In case of any other assets owned by the employer:
10% per annum of actual cost as reduced by recovery from the employee will be the value of perquisite (if it is positive)
- In case of any other assets taken on hire by the employer:
Amount of rent paid or payable as reduced by recovery from the employee will be the value of perquisite (if it is positive)
Transfer of Movable Asset
- In case of transfer of computer or electronic items:
Actual Cost as reduced by the amount of depreciation on reducing balance method @ 50% for every completed year during which such asset was put to use by the employer will be the value of perquisite.
- In case of transfer of motor cars:
Actual Cost as reduced by the amount of depreciation on reducing balance method @ 20% for every completed year during which such asset was put to use by the employer will be the value of perquisite.
- In case of transfer of any other asset:
Actual Cost as reduced by the amount of depreciation on straight line method @ 10% for every completed year during which such asset was put to use by the employer will be the value of perquisite.
It is taxable in the hands of all employees whether specified or not. The amount so calculated shall be reduced by the amount, if any, paid or recovered from the employee being the consideration for such transfer.
Tax Returns for Financial Year 2010 -11 (March 2011) has started. Just mail us Form16/ Salary Certificate and details of other income, at info@taxmantra.com . We would take it from there to file your return of income.
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