Perquisite - Definition - Law Dictionary Home Dictionary Definition perquisite

Definition :

Perquisite, something gained by a place or office over and above the stated wages; anything gotten by industry or purchase with money different from that which descends from a father or ancestor; also fines of copy holds, heriots, amerciaments, etc.

A perquisite is only that amount of money which allowed to the employee by or is due to him from or is paid to enable the latter to effect in insurance on his life, Commissioner of Income Tax v. L.W. Russel, AIR 1965 SC 49 (52): (1964) 7 SCR 569. [Income Tax Act, 1922, s. 7(1) Expl. 1 Cl. (v)]