Section 27 : Quantification of amounts

1) Any payment has to be quantified equal to the following amount:

a) In the case of a payment made by way of transferring property by any person to another person, amount equal to the market value of the transferred property,

b) The amount to be determined as prescribed for the payment made for the provision of the following matters or the amounts to be determined pursuant to clause (e) where there is no provision for determining the amount:-

(1) A motor vehicle used or made available for use for personal purposes of the recipient of payment in full or in part or

(2) A building made available for the recipient of payment.

c) The amount which remains by deducting the contributions of the recipient of payment from the expenditure made by the person making payment for the provision of the following:-

(1) The services of a caretaker of the house, cook, driver, gardener or other domestic assistant,

(2) Any food, drinking or entertainment, or

(3) Services like water, electricity, and telephone installed in the residence of the recipient.

d) If the interest paid by any person who has to receive payment in any income year for a loan is less than the amount of interest to be paid as per the prevailing interest rate, the amount to the extent of such a less,

e) In respect of a payment except the payment referred to in clauses (a), (b), (c) and (d), if a third person receives payment instead of the recipient of payment, the amount equal to the value of benefit derivable generally.

2) The time when payment is earned, received, made, borne or otherwise worked out for tax purposes in respect of clauses (a) and (e) of sub-section (1) shall be the time when the quantification of amounts has been made.