Whether an Immovable Property (i.e. a Residential Flat) received by an Individual from his Mother is Taxable?
The said Property was purchased by the Father of an Individual & after the father's death the Legal ownership was transferred to mother & now Mother has Transferred the said Property to son. So, Will this be Taxable in the hands of Son U/s 56 as a Gift or it will be Exempt as Property is received from mother being an Relative of an individual.
Also, Please state what Legal Formalities needs to be done so as to get the Son's name in the said flat?

Please Help.

Assessee is a proprietor

There is only one asset in the block of Motor Vehicles

Asset was sold in the month of February 2017

Sale Value of the asset is more than the written down value of the block

Questions -

1. Will depreciation be charged for 10 months before the asset was sold?

2. What is the accounting treatment of the above transaction?

3. What is the taxation treatment and how to show in the ITR?

Dear Sir,
Value of stamp paper required for loan agreement, i.e. one person gives personal loan to another person of Rs. 5.00 Lacs.

Thanks,
Abhishek

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