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Valuation of residential accommodation revised: new employer-provided housing perquisite rules determine taxable value and furniture treatment. The amendment substitutes rule 3 to prescribe computation of the value of residential accommodation as a perquisite: a table differentiates Central/State Government-provided accommodation, other employer-owned or leased accommodation, and hotel accommodation with distinct bases for unfurnished and furnished units; furniture cost or hire charges are added where applicable; employer-owned valuations use salary-percentage benchmarks by city category reduced by rent paid by the employee; leased accommodation uses the lower of actual lease rental or a salary benchmark reduced by employee-paid rent; hotel valuation uses the lower of a salary-linked fraction or actual hotel charges, with specified exclusions and provisos.
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Valuation of residential accommodation revised: new employer-provided housing perquisite rules determine taxable value and furniture treatment.
The amendment substitutes rule 3 to prescribe computation of the value of residential accommodation as a perquisite: a table differentiates Central/State Government-provided accommodation, other employer-owned or leased accommodation, and hotel accommodation with distinct bases for unfurnished and furnished units; furniture cost or hire charges are added where applicable; employer-owned valuations use salary-percentage benchmarks by city category reduced by rent paid by the employee; leased accommodation uses the lower of actual lease rental or a salary benchmark reduced by employee-paid rent; hotel valuation uses the lower of a salary-linked fraction or actual hotel charges, with specified exclusions and provisos.
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