Example:-The employer sells the following assets to the employees on 1st January 2015. Car to Z for 2,10,000 (Cost: 6,96,000) Computer to A for 24,270 (Cost: 1,17,000) Fridge to B for 1,000 (Cost: 40,000) All assets were purchased and put to use on 15th May 2012

Particulars

CAR

COMPUTER

FRIDGE

Cost of the asset as on 15^th May 2012

6,96,000

1,17,000

40,000

Less: Depreciation for the first year ending 14^th May 2013 (20% of 6,96,000, 50% of 1,17,000, 10% of 40,000)

1,39,200

58,500

4,000

Balance on 15^th May 2013

5,56,800

58,500

36,000

Less: Depreciation for the first year ending 14^th May 2014 (20% of 5,56,800, 50% of 58,500, 10% of 40,000)

1,11,360

29,250

4,000

Balance on 15^th May 2014

4,45,440

29,250

32,000

Less: Sale Consideration

2,10,000

24,270

1,000

Taxable Value of Perquisite

2,35,440

4,980

31,000