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TRANSFER OF ANY
MOVEABLE ASSETS
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Value of benefit on transfer
of movable asset shall be the actual cost of the asset to the employer as
reduced by the amount calculated at 10% of such cost for each completed year
of use by the employer and further reduced by the payments made by the
employee. The normal wear and tear would be computed at 50% in case of
computers and electronic items, and 20% in case of motor cars on the reducing
balance method. Refer Table below:
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Moveable
Asset
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Taxable
Value
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Computers & *Electronic items
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Actual cost to
employer- depreciation @ 50% as per Reducing balance
method.
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Motor Cars
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Actual cost to employer-
depreciation @ 20% as per Reducing balance method.
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Any other moveable Asset
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Actual cost to employer-
depreciation @ 10% as per Straight Line
method.
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PLEASE
NOTE:
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Amount, if any, paid or recovered from employee
being the consideration for such transfer, is reduced in order to find the
taxable value.
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Electronic items do not include household
appliances (i.e., white goods) like washing machines, microwave ovens,
mixers, hot plates, ovens etc.
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This
perquisite is chargeable in the hands of Specified as well as
Non-specified Employees both.
Click
Here For Illustration
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