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

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..... 000) All assets were purchased and put to use on 15th May 2012
Salary - Perquisites - Sale of Moveable Assets - Rule 3(7)(viii) Income Tax – Salary
Income Tax
Manuals
Dated:- 11-8-2015
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..... 8,500 4,000 Balance on 15th May 2013 5,56,800 58,500 36,000 Less: Depreciation for the first year ending 14th May 2014 (20% of 5,56,800, 50% of 58,500, 10% of 40,000) 1,11,360 29,250 4,000 B .....

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