TaxTMI 
TaxTMI 
TaxTMI 
A closely held company wanted to transfer its flat at circle rate to one of the director. Market value of the flat is higher than circle rate. Is it perquisites in the hands of director under section 17(2) and 2(24)(iv)?
Perquisites under section 17(2) and 2(24)(iv)
NEETA RATHORE
Company to Transfer Flat to Director at Circle Rate: Is It a Perquisite Under Sections 17(2) & 2(24)(iv)? A closely held company plans to transfer a flat to a director at the circle rate, which is lower than the market value. The query seeks clarification on whether this transaction constitutes a perquisite for the director under sections 17(2) and 2(24)(iv) of the Income Tax Act. (AI Summary)