Mr$.$ Laxman joined a company on $01\mathrm{.}06\mathrm{.}2021$ in a town where population is $15$ lakhs,

and was given the following.

Monthly emoluments: Basic Pay $25,000$ ; D$.$A$.10,000$ ; Medical allowance $500.$

Furnished accommodation owned by the employer and provided free of cost$.$

Value of furniture there in $30,000.$

Motor car $(1\mathrm{.}5$ litre CC$)$ owned by the company with a chauffeur for official and

personal use. Expenses of the car paid by the company $45,000.$

Salary of servant and watcher paid by company $1,500$ each $($per month$)$

Educational facility for $2$ children provided free of cost$.$ The school is owned and

maintained by the company, expenses incurred by the company $12,000.$

Interest free loan $5,00,000$ repayable within $7$ years given by the company on

$1\mathrm{.}10\mathrm{.}2022$ for purchasing a house. No repayment was made during the year. $($SBI

housing loan interest rate $9\%$ p$.$a$.)$

Interest free loan for purchasing a computer $50,000$ given on $1\mathrm{.}1\mathrm{.}2022.$ No repayment

was made during the year $($SBI interest rate $12\%$ p$.$a$.).$

You are required to compute the income of Mr$.$ Laxman under the head 'income from

salary' for the year $2022-23.$

$[$Ans$.5,06,500]$