"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.

Related Topics .... Salary-Perquisites

• 1. Definition of 'Perquisites' as per [Section 17(2)]
• 2. Valuation of 'Perquisites' under the head 'income from Salary'
• 3. Fringe Benefits or Amenities which shall be Taxable Perquisite in the hands of All Employees
• 4. Taxable Perquisites in case of Specified Employees
• 5. Tax Free Perquisites in case of all Employees
• 6. Valuation of Rent Free Unfurnished & Furnished Accommodation [Rule 3(1)]
• 7. Valuation of Perquisite of Motor Car and other Modes of Conveyance [Rule 3(2)] for Computing Salary Income
• 8. Valuation of Perquisites in respect of Free or Concessional Education Facilities to any member of Employees' household : [Rule 3(5)]
• 9. Valuation of  Perquisites in respect of Sweat Equity Shares or Employees Stock Option Plan (ESOP) [ Section 17(2)(vi) & Rule 3(8) & (9)]
• 10. Perquisites Valuation of Medical Facilities [Proviso to Section 17(2)]
• 11. Valuation of Leave Travel Concession or Assistance (LTC/LTA) in India. [Section 10(5) & 10(6)(i)]
• 12. List of 'Perquisites' for Computation of Income under the head 'Salary'