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<h1>Interest-free or concessional loans treated as perquisite; taxable interest computed on monthly maximum outstanding less interest paid by employee.</h1> Perquisite valuation imputes interest on interest-free or concessional loans by applying the SBI reference lending rate as on the first day of the previous year to the maximum outstanding monthly balance, with the taxable value for each month equal to that imputed interest less actual interest recovered from the employee; exemptions include aggregate loans not exceeding twenty thousand and loans for specified medical treatment except amounts reimbursed under medical insurance.