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Deletion of asset as gift

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(Querist)
23 August 2017 One father is an Assessee under income tax act 1961,gave his land to his son as a gift,then how will shown as this transferred land in his (father) book ?in which value will be shown ?
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ABHISHEK GARG

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ABHISHEK GARG (Expert)
23 August 2017 When the Land is transferred and gifted to Son, then why it will reflect in fathers Books?
It will reflect in Son's books at a Nominal Value for Say, Rs. 10 or 100 or 1000.
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Studentsca

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Studentsca (Expert)
23 August 2017 Value of land transferred will be debited from his Capital Account.
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