Download Value of Perquisite of Loan U/s 17(2) with brief how to calculate the Value of Perquisite of Loan

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here to Download the Value of Perquisite (Loan) Calculator U/s 17(2
)

Interest free loan/Loan at concessional
rate of interest
 :
If a loan is given to an employee (or any
member of his household), interest
thereon is a perquisite chargeable to tax.
It is taxable in hands of all employees (whether specified or not) on the
following basis :
1) Find out the ‘maximum outstanding
monthly balance’ (i.e. the aggregate  outstanding balance of each loan as
on the last day of each month)
2) Calculate interest on loans charged at
the rate applicable  to the similar loans as prescribed by State Bank of
India  as on the 1st day of April of the relevant previous year
 (e.g. 1st April 09 for A Y 2010-11) on the amount derived
           
           in step 1        
                     
                     
               XXX
3) Less: Interest on loans charged by
Employer, if any                XXX
4) Balance amount is the taxable non-
monetary
 perquisite on concessional loans
                     
                     
           XXX
Note: Exemption is given to the above rule
in case of following situations :
1. When the amount of the original loan in
the aggregate does not exceed Rs. 20,000/-.
2. If a loan is taken for medical
treatment in respect of diseases specified in  Rule 3A.(the exemption is
not available to the amount of the loan that has been reimbursed to the
employee under any medical insurance
scheme.)

Click here to Download the Value of
Perquisite (Loan) Calculator U/s 17(2
)

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