A company acquired a motor car for ₹8 lakh on 30th June, 2014. It sold the said motor car to its employee, Jayant, for ₹6 lakh on 10th June, 2015. The company claimed depreciation @ 15% for the year ended 31st March, 201
CS Executive · Tax Laws and Practice · PYQS · December 2016
A company acquired a motor car for ₹8 lakh on 30th June, 2014. It sold the said motor car to its employee, Jayant, for ₹6 lakh on 10th June, 2015. The company claimed depreciation @ 15% for the year ended 31st March, 2015. The perquisite value in the hands of Jayant on sale of motor car would be —
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax
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