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Q . No . 1 0 Mr . R is working with Reliance Industries Ltd . at Ahmedabad [ Population above 2 5 lakhs ]

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]
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