Alok is employed in BCD Co. Ltd. as Finance Manager. The employer transferred the following assets to him on 15th April, 2017: Motor car acquired by the employer for ₹6 lakh in July, 2014 was given to Alok for ₹3 lakh.
CS Executive · Tax Laws · PYQS · December 2018
Alok is employed in BCD Co. Ltd. as Finance Manager. The employer transferred the following assets to him on 15th April, 2017: Motor car acquired by the employer for ₹6 lakh in July, 2014 was given to Alok for ₹3 lakh.
Answer & Explanation:
Computation of taxable perquisites value in the hands of Mr. Alok for AY 2018-19 Particulars Amounts (₹) Amounts (₹) Motor Car (acquired in July 2014) 6,00,000 Less: Deduction @ 20% for July 2014 to July 2015 (1,20,000) WDV 4,80,000 Less: Deduction @ 20% for July 2015 to July 2016 (96,000) WDV 3,84,000 Less: Deduction @ 20% for July 2016 to July 2017 – not applicable as it was sold on 15.04.2017 - 3,84,000 Less: Sale consideration received from Mr. Alok (3,00,000) Perquisites Value of Motor Car 84,000
Topics: Income Tax Act, 1961
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