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radbed 15% of salary 28,434 Or Actual Rent paid by employer 48.000 which ever is less 28,434 Add. 10% of cost of furnishing (10% of 1,00,000) 10.000 Value of furnished rent free house 38,434 ILLUSTRATION 41 Mr. Srihari is appointed as a General Manager of Tubelight Company Ltd., Chennai, on ist February 2010 in the scale of 11,800-100--23.800. His annual increment of 2 400 falls duc on 1st February of every year. Dearness allowance 20% of salary. Salary falls due on Ist day of every month. Bonus during the year 5.000. C.CA. 400 p.m. Srihari's contribution to Recognised P.F. is at 12% of basic pay and D.A. Equal contribution is made by his employer He is in possession of a company car for his official duties (for personal use also) with 1.4 IL capacity. All expenses including the driver's salary are met by the company. A free accommodation has been provided. Rent paid by the company ? 4.800 p.m. Cost of Furnishing the home