In case employee or any other member of his household is using any movable asset owned by the employer except computers and laptops—actual benefit derived by employee is taxable i.e. 10% of cost of that asset is taxable. In case the period for which asset is given for use to employee is less than full year, the value of benefit shall be calculated by taking actual number of days for which asset is used by total number of days of that financial year.
Movable asset does, not include a car.
[10% of cost of asset X number of days asset is used/number of days of the financial year]
Valuation of this perk shall be determined as under: