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Perquisite Valuation of Accommodation.

Rule 3 of Income Tax Act.


For the purpose of computing the income chargeable under the head “Salaries”, the value of perquisite provided by the employer directly or
indirectly to the employee or to any member of his household by reason of his employment shall be determined in accordance with the following
sub-rules, namely:—
Rule 3(1) The value of residential accommodation provided by the employer during the previous year shall be determined on the basis provided in
the Table below:

Sl. No. Circumstances Where accommodation is Unfurnished Where accommodation is Furnished

(1) (2) (3) (4)


(A)
Where the accommodation is provided by Private
Sector Employer -- that is, Employer Not being
the Central or State Government and—
(a) where the accommodation is owned by (i) 15% of salary in cities having The value of perquisite as determined
the employer, or population exceeding 25 lakhs as under column ( 3 ) and increased by
per 2001 census; 10% per annum of the cost of furniture
(ii) 10% of salary in cities having (including television sets, radio sets,
population exceeding10 lakhs but not refrigerators, other household
exceeding 25 lakhs as per 2001 appliances, air-conditioning plant or
census; equipment or other similar appliances or
(iii) 7.5% of salary in other areas, gadgets) or if such furniture is hired
in respect of the period during which the from a third party, by the actual hire
said accommodation was occupied by charges payable for the same as reduced
the employee during the previous year as by any charges paid or payable for the
reduced by the rent, if any, actually paid same by the employee during the
by the employee previous year.

Cyrus Paymaster
Digitally signed by Cyrus Paymaster
DN: cn=Cyrus Paymaster, o=Paymaster services, ou, email=callcyrus@gmail.com, c=IN
Date: 2009.12.01 15:53:57 +05'30'
Sl. No. Circumstances Where accommodation is Unfurnished Where accommodation is Furnished

(1) (2) (3) (4)


(B) (b) where the accommodation is taken on lease Actual amount of lease rental paid or The value of perquisite as determined
or rent by the employer. payable by the employer or 15% of under column (3) and increased by 10%
salary whichever is lower as reduced per annum of the cost of furniture
by the rent, if any, actually paid by the (including television sets, radio sets,
employee. refrigerators, other household
appliances, air-conditioning plant or
equipment or other similar appliances or
gadgets) or if such furniture is hired
from a third party, by the actual hire
charges payable for the same as reduced
by any charges paid or payable for the
same by the employee during the
previous year.

(C) Where the accommodation is provided by the Not applicable. 24% of salary paid or payable for the
employer in a hotel (except where the employee previous year or the actual charges paid
is provided such accommodation for a period not or payable to such hotel, which is lower,
exceeding in aggregate 15 days on his transfer for the period during which such
from one place to another ) accommodation is provided as reduced
by the ren t, if any, actually paid or
payable by the employee ]:

Provided that where on account of his transfer from one place to another, the employee is provided with accommodation at the new
place of posting while retaining the accommodation at the other place, the value of perquisite shall be determined with reference to only
one such accommodation which has the lower value with reference to the Table above for a period not exceeding 90 days and thereafter
the value of perquisite shall be charged for both such accommodations in accordance with the Table.
Salary For Accommodation purpose has been defined as All Taxable Salary Eanings but does NOT include Perquisites or Tax Free
Allowances.

Cyrus Paymaster
Digitally signed by Cyrus Paymaster
DN: cn=Cyrus Paymaster, o=Paymaster services, ou, email=callcyrus@gmail.com, c=IN
Date: 2009.12.01 15:54:21 +05'30'