"Interest-Free Loan Benefit To The Employee"

 

The value of benefit to the employee in the form of interest-free loan or concessional loan would be calculated at l0% per annum in respect of loans for house and conveyance as per Rule 3(7)(i).

In the case of other loans, it would be determined as the sum equal to the interest computed at the rate charged per annum by the State Bank of India as on the 1st. day of the relevant previous year in respect of loans for the same purpose advanced by it.

However, loans made available for medical treatment in respect of certain diseases specified in Rule 3A or petty loans not exceeding 20,000, no value would be added.
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