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Delores Smith

A private sector employee based at Ludhiana (population: 55 lakhs), draws Rs. 100,000per month as basic salary. Other allowances and benefits attached to his office are: 72 dearness allowance (forming part of salary for all retirement benefits): 17% of basic salary; bonus: 30% of basic salary; commission: Rs. 800 per month, transport allowance: Rs. 1,900 per month for commuting between office and residence (actual expenditure: Rs. 290 per month); and rent-free house (lease rent paid by the employer: Rs. 40,000 per month). Income-tax paid by the company on behalf of N is Rs. 18,000. During the previous year 2019-20., X draws salary of April 2020 in advance. Determine the value of the perquisite in respect of rent-free house and also taxable salary for the assessment year 2020-21​

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