AAFM Exam CTEP Topic 6 Question 30 Discussion

Actual exam question for AAFM's CTEP exam

Question #: 30
Topic #: 6

[All CTEP Questions]

The employer had purchased a car for Rs. 3,00,000 which was being used for official purposes. After 2 year 6 months of its use, the car is sold to R, the employee, for Rs. 1,20,000. The value of this perquisite shall be __________.

ARs. 72,000

BRs. 60,000

CNil

DRs. 1,23,000

Show Suggested Answer

Suggested Answer: A

by Deonna at Nov 23, 2023, 05:48 PM

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Erick

2 months ago

Wait, did the car come with a chauffeur? If so, I'm going with D) Rs. 1,23,000 - gotta account for that premium service!

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Hermila

21 days ago

C) Nil

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Casie

1 months ago

B) Rs. 60,000

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Brandon

1 months ago

A) Rs. 72,000

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Jody

2 months ago

A) Rs. 72,000 seems like the correct answer to me. The value of the perquisite should be the difference between the original cost and the selling price to the employee.

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Laila

1 months ago

C) I believe the value of the perquisite is Nil.

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Tyra

1 months ago

B) I think it should be Rs. 60,000.

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Luz

2 months ago

A) Rs. 72,000 seems like the correct answer to me.

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Letha

2 months ago

Hmm, this is a tricky one. I'm going to go with C) Nil. If the car was being used for official purposes, then there might not be any perquisite value.

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Leonard

12 days ago

D) Rs. 1,23,000

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Pansy

1 months ago

C) Nil

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Richelle

1 months ago

B) Rs. 60,000

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Mollie

1 months ago

A) Rs. 72,000

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Daniel

2 months ago

That makes sense. So, the correct answer is B) Rs. 60,000.

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Jacob

2 months ago

I'm going with D) Rs. 1,23,000. The value of the perquisite should be the difference between the original cost of the car and the amount paid by the employee.

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Janessa

29 days ago

I agree with you, the correct answer is C) Nil.

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Tegan

1 months ago

I think the answer is C) Nil. There is no taxable perquisite in this case.

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Flo

1 months ago

I agree with you, the correct answer is C) Nil.

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Art

1 months ago

I think the answer is C) Nil. There is no taxable perquisite in this case.

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Marion

2 months ago

I believe it should be Rs. 60,000 because the difference between the purchase price and selling price is Rs. 1,80,000.

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Daniel

2 months ago

What do you think the value of the perquisite should be?

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Felix

2 months ago

I think the correct answer is B) Rs. 60,000. The value of the perquisite is the difference between the fair market value of the car and the amount paid by the employee.

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