Q$.$ No$.10$

Mr$.R$ is working with Reliance Industries Ltd$.$ at Ahmedabad $[$Population above $25$ lakhs$].$ The particulars of his salary income are as under:

Salary

D$.$A$.[$Treated as part of salary for calculation of Provident Fund$]$

Bonus $[$Out of which $15,000$ is gratuitous$]$

Commission

Employee's and Employer's contribution to RPF $[$Each$]$

The employer has provided a rent free house. Calculate the value of the perquisite of rent free house if :

$($a$)$ House is owned by employer and its FRV is $45,000$ p$.$a$.$

$($b$)$ House is hired by employer at $4,000$ p$.$m$.$

$[$Hints : $($a$)$ Taxable value is $94,500$; $($b$)$ Taxable value is $48,000$; Gratuitous bonus is treated as gift, hence not treated as part of salary for calculation of value of rent free house$]$