Section 3(7)(viii) in Income Tax Rules, 1962

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Union of India - Subsection

Section 3(7)(viii) in Income Tax Rules, 1962

(viii)The value of benefit to the employee arising from the transfer of any movable asset belonging to the employer directly or indirectly to the employee or any member of his household shall be determined to be the amount representing the actual cost of such assets to the employer as reduced by the cost of normal wear and tear calculated at the rate of 10 per cent of such cost for each completed year during which such asset was put to use by the employer and as further reduced by the amount, if any, paid or recovered from the employee being the consideration for such transfer :

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Union of India - Subsection

Section 3(7)(viii) in Income Tax Rules, 1962