Mr. Sanjay, a resident individual, is serving in X Ltd. New Delhi (Population above 25 lakhs) and furnishes the following particulars of his income earned during the year ended on 31st March :
(i) He is provided with a 1.4 litre cubic capacity engine motor car which is owned by the employer, all the expenses of maintenance and running met by the employer. He is also provided with a driver for the said car for which no charge is made to him by the employer. Mr. Sanjay uses the car for his personal purposes also.
(ii) LIC premium paid by the employer amounting to Rs. 15,000.
(iii) He is provided with rent free unfurnished accommodation, the fair rental value of which is Rs. 96,000 per annum. The actual rent of hired furniture is Rs. 800 p.m.
(iv) Gas and electricity bill paid by employer Rs. 12,000.
(v) He was provided with the services of gardener, watchman and a domestic servant and salary of each of them was Rs. 500 p.m.
(vi) He availed leave travel concession during December, 2021 and visited Goa by air along with his wife and amount of Rs. 84,000. The normal one way air fare for economy class is Rs. 7500 per person.
(vii) He insured his own life and life of his wife and paid Rupees 12,000 as premium in May, 2021 out of his Agricultural Income.
(viii) He deposited Rs. 20,000 in ELSS and another Rs. 30,000 in PPF in March 2022.
Compute his income under the head salary and qualifying amount for deduction under Section 80C.
